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Amazon’s Bezos buys Washington Post for $250 million

Bezos, whose net worth has been estimated at over $25 billion, is acquiring the Postpersonally and not through Amazon.com (AMZN, Fortune 500). He is gaining control of the newspaper from the Graham family, which has led it for decades.

 

The Post Company will change its name as part of the transaction, though a new name has yet to be announced. Shares rose 5.5% in after-hours trading Monday.

Washington Post Company (WPO) CEO Donald Graham said he and the rest of the company’s leadership “decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post.”

“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,”

 

 

 

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