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Amazon Founder Jeff Bezos To Buy The Washington Post

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Amazon founder Jeff Bezos has purchased the Washington Post and its other publishing businesses for $250 million
Amazon founder Jeff Bezos has purchased the Washington Post and its other publishing businesses for $250 million
On Monday, August 5, it was reported that Jeff  Bezos, the founder of the internationally renowned e-commerce website Amazon, Inc, purchased the iconic Washington Post, along with its assets for $250 million.

As newspapers and other print publications face fierce competition from internet news sources in attracting readers, the challenges presented to them as formidable. Drastic declines in advertising revenue have forced many a newspaper to stop their presses permanently.

Donald E. Graham, Washington Post Chairman and Chief Executive, whose family owns the paper, said it would be better served with another owner.

“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.   Every member of my family started out with the same emotion — shock — in even thinking about selling,” Graham said on Monday. “But when the idea of a transaction with Jeff Bezos came up, it altered my feelings. Jeff Bezos’ proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post,” he continued.

“The Post could have survived under the company’s ownership and been profitable for the foreseeable future,” Graham declared. “But we wanted to do more than survive. I’m not saying this guarantees success but it gives us a much greater chance of success.”

The transaction covers The Washington Post and other publishing businesses, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.

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