January 25, 2023
Amazon's Jeff Bezos Acquires Washington Post
- by Joe Mandese @mp_joemandese, August 5, 2013
In
the third and arguably most significant print media company sale in as many days, Amazon founder Jeff Bezos on Monday agreed to acquire The Washington Post Co.'s publishing division, including
flagship newspaper The Washington Post, for $250 million.
The news follows two other print media company sales over the weekend: Boston Red Sox owner Fenway Sports Group's
acquisition of the New York Times Co.'s New England Media Group, including The Boston Globe; and International Business Times owner IBT Media's acquisition of Newsweek from
IAC.
The Washington Post Co. said Bezos is acquiring the company in his "individual capacity" and that it will not be part of Amazon.
"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," stated Washington Post Co. Chairman-CEO Donald Graham.
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“I understand the critical role the Post plays in Washington, D.C. and our nation, and the Post’s values will not change,” Bezos stated. “Our duty to readers will continue to be the heart of the Post, and I am very optimistic about the future.”
He said he asked Katharine Weymouth, CEO and publisher of The Washington Post; Stephen P. Hills, president and General Manager; Martin Baron, executive editor; and Fred Hiatt, editor of the Editorial Page, to continue in those roles.
The transaction covers The Washington Post and other publishing businesses, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.
Slate magazine, TheRoot.com and Foreign Policy are not part of the transaction and will remain with The Washington Post Company, as will the WaPo Labs and SocialCode businesses, the company’s interest in Classified Ventures and certain real-estate assets, including the headquarters building in downtown Washington, D.C. The Washington Post Company -- which also owns Kaplan, Post–Newsweek Stations and Cable ONE -- will be changing its name in connection with the transaction; no new name has yet been announced.
The purchase price is $250 million, subject to normal working capital adjustments, and payable at closing later this year.
