Amazon CEO Jeff Bezos has entered into an agreement to purchase The Washington Post. He is putting down close to $250 million dollars for the acquisition, and it’s a personal investment. Amazon has nothing to do with the sale right now, and Bezos seems to be enamored with news. Recently he made a $5 million investment in Business Insider earlier this year, and Amazon last week published a long-form Q&A with President Barack Obama on its Kindle Singles platform.
According to a recent article on The Washington Post they mentioned, “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 Watergate scandals and, in May, disclosures about the National Security Administration’s surveillance program. ”
This is a good time for new ownership as the family run business has suffered a 44% decline in operating revenue over the past six years. Although the paper is one of the most popular news sources online, print circulation has dwindled, too, falling an additional 7%. Bezos mentioned in an email to staff that things are going to dramatically change, but what those changes might be is anyone’s guess.