In a deal that underscores the decline of print media and the rise of digital media, billionaire Jeff Bezos, founder of Amazon.com, has signed an agreement with The Washington Post Company to acquire the company’s newspaper operations for $ 250 million, the news organization said on Monday.
In a statement, Donald Graham, the Post ‘s CEO, cited Bezos’ “proven technology and business genius, his long-term approach and his personal decency” as the salient factors in his family’s decision to sell the newspaper business it has overseen for four generations. Half a dozen other would-be buyers were reportedly considered.
Bezos is purchasing the Washington Post and other newspapers on his own behalf and not for Amazon.com. The newspapers include El Tiempo Latino , the Express, Fairfax County Times , the Gazette Newspapers, Greater Washington Publishing and Southern Maryland Newspapers.
Post Co. properties like Foreign Policy, Slate.com and TheRoot.com are not part of the deal. The Washington Post Company will adopt a new, as yet-undetermined name and will continue operating businesses like Kaplan, WaPo Labs and SocialCode, among others.