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Amazon Gets Washington Post for $250M

Amazon founder Jeff Bezos will acquire the Washington Post newspaper for $250 million in a shocker deal that ends the Graham family's 80-year ownership and hands one of the country's most powerful publications to the tech capitalist. Bezos, called by many as a imaginative who helped transform Internet retail, called his achievement a personal attempt and reassured Post employees and readers he will conserve the paper's journalistic tradition, while driving modernism. The acquirement, the latest in an outbreak of recent media deals including the New York Times Co's sale of the Boston Globe for $70 million, is an additional signal of the extraordinary challenges newspapers face as advertising income and readership turn down. Shares of the Washington Post Co scaled more than 5 percent to $599.85 after hours - their highest level in approximately five years. "I recognize the decisive role the Post plays in Washington, DC and our nation, and the Post's values will not change," Bezos said in a letter talked to employees and published on the newspaper's website. "There will of course be transform at the Post over the coming years. That's necessary and would have happened with or without new possession," he added. "We will need to devise, which means we will need to research." Bezos will purchase the Post along with other newspaper assets from the Washington Post Co. Amazon.com is to be kept split from the Post deal, according to the Washington Post. The contract, which caught many business watchers by shock, was arranged in private by Allen & Co. It comes on the heels of near-unprecedented media deal movement this year, with the Globe transaction publicized just over the weekend, the Tribune Co hiving off its publishing and broadcasting businesses and the Los Angeles Times supposedly up for sale.

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