Washington Post sold to Amazon.com founder Jeff Bezos for $250 million

Washington Post sold to Amazon.com founder Jeff Bezos for $250 million
# 06 August 2013 00:37 (UTC +04:00)

Baku-APA. In a shocking move, the Washington Post Companyannounced on Monday that his family has agreed to sell its storied newspaper to Amazon.com founder Jeff Bezos. The price tag: $250 million, APA reports quoting Reuters.

“Every member of my family started out with the same emotion — shock — in even thinking about [selling]," chief executive Donald Graham said on Monday. “But when the idea of a transaction with Jeff Bezos came up, it altered my feelings.”

Like many newspapers in the Internet era, the Post has struggled to maintain its print circulation — and has watched its revenue dwindle.

“The Post could have survived under the company’s ownership and been profitable for the foreseeable future," Graham continued. "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.”

In a memo to Post staffers, Bezos said the newspaper — perhaps best known for breaking news of the Watergate scandal — would not change its values under new ownership.

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