Amazon.com's founder Jeffrey K Bezos has agreed to buy The Washington Post, one of the nation's most prominent newspapers, for $250 million.
Katharine Weymouth, the newspaper’s publisher, made the announcement on yesterday afternoon. According to a statement released by The Washington Post Company, Donald E Graham, chairman and chief executive of The Washington Post Company, said: “I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post (after a transaction that would be in the best interest of our shareholders).”
The announcement stressed that Mr Bezos would purchase The Post in a personal capacity, and not on behalf of Amazon, the internet retailer. The deal includes all of the publishing businesses owned by The Washington Post Company, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.
The Washington Post company plans to hold on to Slate magazine, The Root.com and Foreign Policy. According to the release, Mr Bezos has asked Ms Weymouth to remain at the Post along with Stephen P Hills, president and general manager, Martin Baron, executive editor, and Fred Hiatt, editor of the editorial page.
“I am honoured to continue as CEO and publisher,” said Ms Weymouth in a statement. “I have asked the entire senior management team at all of the businesses being sold to continue in their roles as well.”