Amazon founder Jeff Bezos to buy the Washington Post
(REUTERS) - Amazon Inc founder Jeff Bezos has agreed to buy the newspaper assets of the Washington Post Co, including its flagship daily, for US$250 million (S$318 million).
The surprise deal follows the New York Times Co's sale of the Boston Globe for US$70 million, and is a further indication of the unprecedented challenges newspapers face as advertising revenue and readership decline.
Washington Post chairman and chief executive Donald E Graham, whose family owns the paper, said it would be better served with another owner.
"I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post," Mr Graham said. "Jeff Bezos' proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post."