Jeff Bezos purchases the Washington Post
In a surprise move, the Washington Post Co had entered into an agreement last Monday to sell its flagship newspaper to Jeffrey Bezos of Amazon.com fame. The sale effectively ends the ownership of the Graham family spanning four generations of one of the US's most respected news organizations.
The cost of the sale was said to be US$250 million in cash for the Post. Included in the sale would be the newspaper as well as its affiliated publications and other businesses. The sale is strictly a personal purchase in Bezos name with Amazon not having any participation in the sale. The sale is projected to be completed in the next sixty days.
Bezos made his fortune with Amazon.com, the most successful online retailer today. From its retailing roots, the company, under Bezos leadership and ownership, has expanded into technology such as the Kindle reader, where it allows readers to purchase and download books and other content sold on Amazon.
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