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WaPo: SOLD for $250 million!

WaPo announced today that it has signed a contract to be sold to Amazon CEO Jeffrey Bezos.

“Everyone at the Post Company and everyone in our family has always been proud of The Washington Post — of the newspaper we publish and of the people who write and produce it,” said Donald Graham, Chairman and CEO of The Washington Post Company. “I, along with Katharine Weymouth and our board of directors, 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 (after a transaction that would be in the best interest of our shareholders). 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: “I understand the critical role the Post plays in Washington, DC and our nation, and the Post’s values will not change. Our duty to readers will continue to be the heart of the Post, and I am very optimistic about the future.”

Bezos has asked Katharine Weymouth, CEO and Publisher of The Washington Post; Stephen P. Hills, President and General Manager; Martin Baron, Executive Editor; and Fred Hiatt, Editor of the Editorial Page to continue in those roles.

Weymouth: “With Mr. Bezos as our owner, this is the beginning of an exciting new era. I am honored to continue as CEO and Publisher. I have asked the entire senior management team at all of the businesses being sold to continue in their roles as well.”

UPDATE: From a WaPo insider commenting on the office meeting….”Silence for much of the meeting. not really anger or dread, but more wondering what’s next. And there weren’t a lot of questions. People gave Don a nice ovation at the end. It feels like people understand that this is something that had to be done, and even Don said something to the effect of ‘Jeff can do things for this paper that we can’t.’ (Not a direct quote)”

More details on the sale…The sale covers WaPo, Express, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.

Slate magazine, TheRoot.com and Foreign Policy are not part of the sale and will remain with The Washington Post Company, as will the WaPo Labs and SocialCode businesses, the Company’s interest in Classified Ventures and certain real estate assets, including the headquarters building in downtown Washington, DC.  The Washington Post Company, which also owns Kaplan, Post–Newsweek Stations and Cable ONE, will be changing its name in connection with the transaction; no new name has yet been announced.

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