Amazon founder and CEO Jeff Bezos is buying The Washington Post Company’s newspaper business, including The Washington Post, for $250 million.
The acquisition does not include the Post-Newsweek station group, Cable ONE, Slate magazine, TheRoot.com, Foreign Policy and Kaplan are also not included in the deal. The Washington Post Company will be changing its name.
The broadcasting division, which still carries the name of the magazine the company sold in 2010 (It was sold again over the weekend to IBT Media), is headquartered in Detroit at station WDIV. Post-Newsweek also owns WJXT in Jacksonville, KPRC in Houston and KSAT in San Antonio.
Two other Post-Newsweek Stations are named for members of the Graham family, which has controlled the company since 1933: the call letters for WPLG in Miami are for Philip Leslie Graham, and the call letters for WKMG in Orlando stand for his wife Katharine Meyer Graham. Their son, Donald Graham is now CEO of the company. In a news release announcing the sale of the namesake newspaper, Graham writes, “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.”
Bezos is purchasing the newspapers through a personal investment entity that is separate from Amazon. The official announcement after the jump. Read more