Amazon boss Jeff Bezos has purchased the Washington Post newspaper for $250m (£163m).
The sale, expected to be completed in the next 60 days, brings an end to the Graham family’s 80-year ownership of the Post.
Post chief executive Donald Graham believes Bezos’ purchase will help the newspaper survive current and future challenges.
“Jeff Bezos’ proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post,” he said.
Bezos is taking on a tough task. The Post, which made its name with its Watergate scandal coverage, has suffered declining circulation figures and an inability to deal with the challenge raised by the digital era.
The Post‘s new owner sought to reassure current staff in an open letter posted on the newspaper’s website, but warned there will be changes.
“The internet is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources and enabling new kinds of competition, some which bear little or no news-gathering costs,” he said.
Bezos, who was named Time‘s Person of the Year in 1999, founded Amazon.com in 1994.
(Source: BBC News)