In yet another move to shake-up the traditional publishing landscape, Amazon founder Jeff Bezos will acquire The Washington Post.
Bezos will pay $250 million for the paper, significantly higher than the $70 million Red Sox owner John W. Henry paid for The Boston Globe on Friday. In addition, IBT Media purchased Newsweek on Saturday, a news magazine sold by the Washington Post Company in 2010. The Washington Post broke the story:
The Washington Post Co. has agreed to sell its flagship newspaper to Amazon.com founder and chief executive Jeffrey P. Bezos, ending the Graham family’s stewardship of one of America’s leading news organizations after four generations … Seattle-based Amazon will have no role in the purchase; Bezos himself will buy the news organization and become its sole owner when the sale is completed, probably within 60 days.