The Washington Post Co. will sell its flagship newspaper and one of the most respected news organizations in the country to Amazon.com founder Jeffrey P. Bezos, the company announced in a press release.
Amazon, the company said, will have no role in the sale.
Bezos will pay $250 million in cash “for The Post and affiliated publications to the Washington Post Co., which owns the newspaper and other businesses,” The Washington Post reports.
The paper adds:
“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 Pentagon Papers, the Watergate scandals and disclosures about the National Security Administration’s surveillance program in May.
“For much of the past decade, however, the paper has been unable to escape the financial turmoil that has engulfed newspapers and other “legacy” media organizations. The rise of the Internet and the epochal change from print to digital technology have created a massive wave of competition for traditional news companies, scattering readers and advertisers across a radically altered news and information landscape and triggering mergers, bankruptcies and consolidation among the owners of print and broadcasting properties.”
NPR’s David Folkenflik reports that Katherine Graham, the paper’s publisher, and Marty Baron, the paper’s executive editor],were asked to stay on by Bezos.