Jeff Bezos bought the Washington Post

    Jeff Bezos, a well-known businessman, founder of Amazon , personally acquired the legendary Washington Post and some other assets of the Washington Post Co. for $ 250 million.



    Although the Washington Post remains profitable, it is experiencing serious problems, like many print media now. Over the past six years, sales revenue fell by 44%, and in the first half of 2013 the circulation decreased by another 7%.

    Amazon is not involved in the purchase, Jeff Bezos bought the newspaper at his own expense. The transaction must be completed within 60 days.


    Donald Graham, current owner and CEO of the Washington Post, informs the editorial team about selling the newspaper to his friend Jeff Bezos at a meeting on August 6, 2013, photoMarvin Joseph / Washington Post

    In addition to the Washington Post, washingtonpost.com, the Express, The Gazette, Southern Maryland, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing are switching to the 49-year-old businessman.

    At the same time, owned by Washington Post Co. the headquarters building in Washington (on sale from February), the Foreign Policy magazine, Slate.com and Root.com sites, cable networks and other assets remain.

    The Washington Post was founded in 1877., and since 1933 belongs to the descendants of Eugene Meyer, who bought it at the bankruptcy auction during the Great Depression for $ 825 thousand. It is interesting that Eugene Mayer was a Wall Street financier, and Jeff also worked in the hedge fund. Bezos at the dawn of his career, so that by the age of 30 he would make money to launch his own Amazon startup (although he still had to borrow $ 300 thousand from his parents). Amazon now has an annual turnover of $ 61 billion.

    The significance of the Washington Post for American journalism is hard to overestimate. The journalists of this publication in 1972 conducted an investigation that went down in history as the Watergate scandal and ended with the resignation of President Richard Nixon.

    The newspaper staff won 47 Pulitzer Prizes, the highest awards in journalism. However, one of the awards in 1981 had to be returned: reporter Janet Cooke admitted that the story of an eight-year-old heroin addict was fabricated.

    Jeff Bezos does not plan to dismiss any of the current 2,000 editorial staff; both the director and the editor-in-chief of the publication will remain in their posts. This was announced at a large editorial meeting, which took place on Monday. Bezos said he intends to fully delegate all current issues to the current leadership of the publication.

    In addition to the newspaper, Bezos is known for other unexpected investments. In 2000, he founded the private company Blue Origin to develop a spacecraft, and even acquired land in West Texas under a spaceport.

    According to the Harvard Business Review, Jeff Bezos is the second best executive in the world in the last decade, after Steve Jobs. With a personal fortune of $ 23.2 billion, he takes 11th place in the list of richest Americans.

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