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Washington Post Sold To Amazon CEO For $250M

washington postThe Washington Post officially announced that it has been sold to Amazon founder and CEO Jeff Bezos for $250 million.

Details of Bezos deal

Publisher Katharine Weymouth made the stunning announcement at a hastily called meeting of the paper’s staff. She will stay on as publisher, and editor Martin Baron will also keep his job.

The acquisition is a personal one for Bezos, who is worth $23.2 billion. Amazon is not involved. The Washington Post Company’s other media properties, such as The Root and Slate, are not part of the purchase.

Bezos also bought the Post co.’s other publication titles, which include the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino, and Greater Washington Publishing.

The publication nurtured for eight decades

Post Co. chief executive Donald Graham said in a statement that the economics of the print industry had led to the decision. The company’s newspaper department has been struggling in recent years, wherein in the first  quarter of 2013, it lost $49.3 million.

“This is a day that my family and I never expected to come,” Weymouth said in a letter to employees. “The Washington Post Company is selling the newspaper it has owned and nurtured for eight decades.”

Bezos’s purchase continues a trend of publications falling into the hands of a single wealthy owner.