Amazon founder Jeff Bezos to buy Washington Post for $250 million

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by KING 5 News and Associated Press

KING5.com

Posted on August 5, 2013 at 1:54 PM

Updated Wednesday, Aug 7 at 12:34 PM

The Washington Post Co. has agreed to sell The Washington Post to Amazon.com founder and chief executive Jeff Bezos, an article on The Post's website announced Monday.

Bezos, who ranks 11th on the Forbes 400 list of wealthiest individuals in America with a net worth of $23.2 billion, will pay $250 million in cash for The Post and affiliated publications of the Washington Post Co.

Seattle-based Amazon will have no involvement. Bezos will be the only owner when the sale is completed, which will probably be within 60 days.

Washington Post chairman and CEO Donald Graham called Bezos a "uniquely good new owner." He said the decision was made after years of newspaper industry challenges.

The company, which owns the Kaplan education business and several TV stations, will change its name and continue as a publicly traded company but didn't say what the new name will be.

The Post article said that Bezos was optimistic about the newspaper's future. "I don't want to imply that I have a worked-out plan," the article quoted him as saying. "This will be uncharted terrain and it will require experimentation."

Bezos said that he would continue to maintain his home in Seattle and would delegate the paper's daily operations to its existing management.

The sale includes The Post's website, along with the Express newspaper, Gazette Newspapers and Southern Maryland Newspapers in suburban Washington, Fairfax County Times, El Tiempo Latino newspaper, the Robinson Terminal production plant in Springfield and the Comprint printing operation in Gaithersburg, the Post's announcement said.

It will not include the company's headquarters, which has been for sale since February, or Foreign Policy magazine, Slate.com, TheRoot.com, the WaPo Labs operation or Post-owned land along the Potomac River in Alexandria.

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