Jeff Bezos buys The Washington Submit for $250 million in money

Jeff Bezos buys The Washington Post for $250 million in cash

Some huge (and shocking) information within the media business at this time: The Washington Publish has simply confirmed that it and its affiliated publications have been acquired by Amazon CEO Jeff Bezos for $250 million in money. The paper notes that Amazon itself “may have no position within the buy,” and that Bezos “will purchase the information group and turn out to be its sole proprietor when the sale is accomplished, in all probability inside 60 days.” It additionally goes on to elucidate that the prevailing Washington Publish Firm, which owns a lot of different companies (together with Slate), “will change to a brand new, nonetheless-undecided identify and proceed as a publicly traded firm with out The Submit thereafter.”

In an interview with the paper, the Publish Co.’s chief government, Donald Graham, says that “The Publish might have survived underneath the corporate’s possession and been worthwhile for the foreseeable future. However we needed to do greater than survive,” including, “I am not saying this ensures success however it provides us a a lot higher probability of success.” In a letter to Submit staff, Bezos, who was apparently certainly one of a number of suitors thought-about by the corporate, says that he “will not be main The Washington Submit day-to-day,” however that “there’ll in fact be change at The Submit over the approaching years,” and that “we might want to invent, which suggests we might want to experiment.”

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