Jeff Bezos buys The Washington Post
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In a surprise announcement, The Washington Post announces it is being purchased by Amazon founder Jeff Bezos.
From the Washington Post:
But for much of the past decade, The Post 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.
“Every member of my family started out with the same emotion – shock – in even thinking about” selling The Post, Graham said in an interview Monday. “But when the idea of a trans-action with Jeff Bezos came up, it altered my feelings.”
He added: “The Post could have survived under the company’s ownership and been profitable for the foreseeable future. But we wanted to do more than survive. I’m not saying this guarantees success, but it gives us a much greater chance of success.”
Of all individuals to purchase a newspaper, I’m bullish on this one. If Jeff’s approach to Amazon is any indication, he’s willing to forgo short term profits for strategic gains in market and that attitude may help keep some of the content generators (read cartoonists) on the payroll longer than a corporate bean-counter would in a similar situation.
Speaking of cartoon content generators, the Washington Post is home to editorial cartoonists Tom Toles, Ann Telnaes writer/blogger Michael Cavna and illustrator Nick Galifianakis.
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