Jeff Bezos just purchased the Washington Post from the Graham family, the same family that’s owned the paper for four generations. The Post just confirmed the purchase saying that Amazon will have no role in the purchase and Bezos will be the sole owner of the paper.
Bezos purchased the Post for $250 million in cash. To put that into perspective, AOL paid $315 million ($300 million in cash) for The Huffington Post two years ago.
Seattle-based Amazon will have no role in the purchase; Bezos himself will buy the news organization and become its sole owner when the sale is completed, probably within 60 days. The Post Co. will change to a new, still-undecided name and continue as a publicly traded company without The Post thereafter.
The deal represents a sudden and stunning turn of events for The Post, Washington’s leading newspaper for decades and a powerful force in shaping the nation’s politics and policy. Few people were aware that a sale was in the works for the paper, whose reporters have broken such stories as the Pentagon Papers, the Watergate scandals and disclosures about the National Security Administration’s surveillance program in May.
I have to admit, this is the first news in a long time that has really shocked me. I have to say though, after seeing what Bezos did with Amazon, I am excited to see what direction he takes the Post in.
According to Quantcast’s stats WaPo is the 784th ranked site in the U.S.