According to reports from China News, the U.S. company The Washington Post Co. has announced today that Amazon founder Jeff Bezos has purchased the company's flagship newspaper, The Washington Post, along with several local newspapers under its name for a personal amount of $250 million. However, magazines such as Foreign Policy are not included in the deal.
Donald Graham, chairman and CEO of the Post, stated that Bezos is a "unique and suitable new owner."
The Washington Post was founded in 1877 by the Graham family in Washington and has a history of 136 years. It is the largest and oldest newspaper in the District of Columbia, United States. In the early 1970s, it gained international prestige by exposing the Watergate scandal and forcing President Richard Nixon to resign. Many people consider it the most prestigious newspaper in the United States after The New York Times. Due to its location in the U.S. capital, it is particularly skilled at reporting on domestic political dynamics in the U.S., whereas The New York Times is more prestigious in reporting on international affairs. However, some have accused The Washington Post of being overly concerned with politics and neglecting coverage of other areas.
Currently, the Post Company owns newspapers, magazines, educational services, TV stations, cable television, electronic media, and health insurance companies, with nearly 20,000 employees. The most profitable part of the business is Kaplan Educational Services.
The Washington Post revealed that due to the rise of online media and changing times, the company's revenue has dropped by 44% over the past six years. In 2010, its Newsweek magazine was sold due to financial reasons and ceased print publication at the end of 2012.
Bezos, 49 years old, started Amazon as an online bookstore in Seattle in 1994 and developed it into the world's largest e-commerce company, making himself one of the richest people in the world.
Graham issued a statement saying that with Bezos' talents in technology and business, as well as his personal integrity, he will be a unique and appropriate new owner of the Post.
Bezos expressed that he understands the important role the Post plays in Washington and across the nation. The value of the Post will not change because of this, and being responsible to readers will continue to be the focus of the Post. He is very optimistic about the future of the Post.
Upon completion of the transaction, The Washington Post Company will change its name, but the specific new name has not been disclosed.