August 7th, 2013 by James
Jeffrey P Bezos has agreed to buy the newspaper assets of The Washington Post Company for USD 250 million. This would be the maiden entry of the Amazon founder and chief executive officer into the newspaper industry.
“This will be uncharted terrain and it will require experimentation,” he said in an interview to The Washington Post. “There would be change with or without new ownership.
But the key thing I hope people will take away from this is that the values of The Post do not need changing. The duty of the paper is to the readers, not the owners,” he said.
“This is a day that my family and I never expected to come. The Washington Post Company is selling the newspaper that it has owned and nurtured for eight decades,” The Washington Post publisher Katharine Weymouth, said in a note to Post employees.
In the last few years, the newspaper industry has seen a decline in circulation and a drastic drop in print revenue.
Bezos himself will buy the news organization and become its sole owner when the sale is completed, probably within 60 days and the Seattle-based Amazon will have no role in the purchase.
“The rise of the Internet and the epochal change from print to digital technology have created a massive wave of competition for traditional news companies, scattering readers and advertisers across a radically altered news and information landscape and triggering mergers, bankruptcies and consolidation among the owners of print and broadcasting properties,” the daily said.