Jeff Bezos, the founder of online retailing giant Amazon.com has agreed to buy the Washington Post for $250 million. Jeff Bezos has made the investment in his personal capacity and not from his company Amazon.com. The Washington Post Co. will sell its flagship newspaper but will keep the Kalpan education division and other businesses of the group.
Bezos will try to revive the newspaper which is a segment suffering for last few years due to lower sales and less advertising money. The online versions of some newspapers are doing better in terms of revenue and return on investment compared to the print versions.
The Washington Post Co. Chairman and CEO Donald E. Graham and his niece Katharine Weymouth informed the company employees at the headquarters about the decision to sell the newspaper to Bezos.
Jeff Bezos will convert the public company into a private company and will not report earnings on quarterly basis. Bezos is having long term strategy for the newspaper and he has funds to expand the operations in a much better way. Jeff Bezos also has personal investments in Twitter, Airbnb, Uber and Makerbot. He has already sent a letter to Washington Post employees urging them to experiment and invent. So, we can expect lot of changes lined up for the Post in the days to come.
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