E-commerce mogul Jeff Bezos buys The Washington Post for US$250m
Amazon founder and CEO Jeff Bezos has bought one of America’s most iconic newspaper titles The Washington Post for US$250m.
Bezos, who founded e-commerce and cloud behemoth Amazon is to pay US$250m in cash for The Washington Post and affiliated titles. The acquisition is being made purely by Bezos and has nothing to do with Amazon.
The acquisition is expected to close in around 60 days and will see Bezos acquire the newspaper and its name from the Graham family, who ran the newspaper business for at least four generations.
It is understood that The Washington Postwill continue trade as a publicly traded company possibly with a new name after the acquisition.
Unlike the vast majority of media companies in the world The Washington Post actually has an overfunded pension plan, but the Post is understood to be providing the new company under Bezos with US$50m to pay off the costs of the pension fund’s liabilities.