Washington Post to be sold to Amazon founder

Jeff Bezos

Credit: David McNew / Getty Images

Amazon.com CEO Jeff Bezos speaks at a press conference in Santa Monica, Calif.

Print
Email
|

by KING 5 News and Associated Press

kgw.com

Posted on August 5, 2013 at 2:02 PM

Updated Monday, Aug 5 at 3:17 PM

The Washington Post Co. has agreed to sell The Washington Post to Amazon.com founder and chief executive Jeffrey Bezos, an article on The Post announced Monday.

Bezos will pay $250 million in cash for The Post and affiliated publications of the Washington Post Co.

Seattle-based Amazon will have no involvement. Bezos will be the only owner when the sale is completed, which will probably be within 60 days.

Washington Post chairman and CEO Donald Graham called Bezos a "uniquely good new owner." He said the decision was made after years of newspaper industry challenges.

The company, which owns the Kaplan education business and several TV stations, will change its name but didn't say what the new name will be.

Bezos said in a statement that he understands the Post's "critical role" in Washington and said its values won't change.

Print
Email
|