Washington Post announced today that Jeff Bezos had purchased the long-standing political newspaper. Jeff Bezos is not only Amazon's founder and current chief executive officer, he is also among the world's richest men.

According to a statement made by the newspaper company, Mr. Bezos will fork out approximately US$250 million in cash for the Washington Post. The deal is expected to be concluded within 60 days, according to the statement. Mr. Bezos last week made about US$186 million in liquid cash by selling Amazon stock.

"I don't want to imply that I have a worked-out plan. This will be uncharted terrain and it will require experimentation. But the key thing I hope people will take away from this is that the values of The Post do not need changing. The duty of the paper is to the readers, not the owners," Mr. Bezos said in an interview media.