Jeff Bezos Buys Washington Post For $250M

by at . Comments

Amazon founder Jeff Bezos has purchased the Washington Post for $250 million. It is a personal acquisition for the web entrepreneur; Amazon is not involved.

Publisher Katharine Weymouth made the announcement at a staff meeting Monday. She will stay on as publisher, and editor Martin Baron will also retain his job.

Bezos, who is worth $25 billion, also bought the Washington Post Company's other newspapers. The company's non-newspaper properties are not being sold.

Post Co. CEO Donald Graham, whose family has owned the Post for generations, said in a statement that the economics of the print industry led to the decision.

The company's newspaper division has been facing tremendous financial struggles in recent years; in the first half of 2013 alone, it lost $49.3 million.

Even so, the Post is not just another newspaper, and the Grahams are one of the last links to an era when most papers were run by families, not corporations.

The Grahams were viewed as owners that put journalism before profit, and their Watergate coverage is still seen as the high-water mark of U.S. journalism.

The decision to sell the paper is undoubtedly historic - the "end of an era" if ever there was one - regardless of what Bezos plans to do with his acquisition.

Like Us On Facebook

More From The Hollywood Gossip


Woman Snaps Selfie in Stolen Boutique Dress, Get Arrested

A woman in Illinois stole stole some dresses from a store in Illinois, posted selfies with them online and then got arrested.

Malaysia Airlines Tweet Goes Viral: If it Disappears, This is What it Looked Like ...

A Dutch national who Tweeted about the Malaysia Airlines flight that crashed yesterday in Ukraine had no idea how eerie this would sound.

Jason Biggs: Anyone Wanna Buy My Malaysia Airlines Frequent Flier Miles?!

Jason Biggs is at it again. This time, he's mocking the Malaysia Airlines flight that crashed in the Ukraine.

Malaysia Airlines Plane Crashes Near Border of Russia, Ukraine

A Malaysian Airlines passenger plane reportedly crashed in Ukraine near the Russian border Thursday. Story developing.