Amazon CEO "Adds To Cart" The Washington Post For $250mn. Proceeds to Checkout.
Jeff Bezos, Founder and CEO of Amazon, will be purchasing popular newspaper The Washington Post for a whoping $250 million (£163m) along with several of its affiliations. That being said, Amazon is in no way involved in this deal. Bezos is purchasing the Post from the Graham family, which proudly owned and nurtured the Post for four generations (over 80 years) completely on its own. Donald Graham, the Post's Chief Executive commented regarding this deal- "Years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post. 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." Kaplan (the GRE/GMAT/SAT test-prep division), which is owned by the Washington Post Company, shall stay under the ownership of the Grahams. This deal is expected to be done away within the coming two months.
The Washington Post was riding troubled waters since the past few months, and with the dawn of internet, the advertisement sales have been badly hit. Earlier it was even reported that the company laid off many of its employees. And there have been other purchases- like the Boston Globe deal this month (John W. Henry, the owner of the baseball team the Boston Red Sox bought it for $70m). But the deal-size we're talking about here is HUGE, and no other purchase promises the size of possibilities as this. Jeff earlier had totally disrupted the book-reading ecosystem, when he pioneered Amazon's Kindle device and ebooks in a turn-the-page era. With the experience and the innovative approach Jeff usually has, this acquisition has all elements to be something extremely awesome.
I'd be keeping a keener watch on the Post now, and I know you'd be doing the same too.
Source? Here: #-Link-Snipped-#
The Washington Post was riding troubled waters since the past few months, and with the dawn of internet, the advertisement sales have been badly hit. Earlier it was even reported that the company laid off many of its employees. And there have been other purchases- like the Boston Globe deal this month (John W. Henry, the owner of the baseball team the Boston Red Sox bought it for $70m). But the deal-size we're talking about here is HUGE, and no other purchase promises the size of possibilities as this. Jeff earlier had totally disrupted the book-reading ecosystem, when he pioneered Amazon's Kindle device and ebooks in a turn-the-page era. With the experience and the innovative approach Jeff usually has, this acquisition has all elements to be something extremely awesome.
I'd be keeping a keener watch on the Post now, and I know you'd be doing the same too.
Source? Here: #-Link-Snipped-#
Replies
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Kaustubh KatdareThis indeed is a surprise investment. Not sure what is Bezos trying to do by buying a publication. Maybe he'll launch a 'truly independent' newspaper in the world that isn't controlled by the advertisements.
There are a few possibilities I can think of -
1. The newspaper business, as we all know, has no future. Bezos will build a better infrastructure for the TWP folks and make it go 100% digital.
2. Bezos will let the TWP editors publish content directly to the kindle devices all over the world.
3. He'll simply close down the business and use their editors and writers to create unique content for Amazon (unlikely, but a possibility).
You are reading an archived discussion.
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