Amazon's Bezos finalizes Washington Post acquisition

By Rizza Sta. Ana

Oct 02, 2013 11:20 AM EDT

A report by information technology news site Techcrunch said Amazon Inc Chief executive officer Jeff Bezos has finally closed its acquisition of the Washington Post. The 136 year-old newspaper would no longer be controlled by original owners the Graham family.

The acquisition deal would have The Washington Post Co.turning over The Post and other assets to Bezo's private investment company Nash Holdings. According to the report, Bezos would need to tap his retail prowess to grow the beleaguered newspaper's circulation and improve its online pay-per-view model. It was not determined what had Bezos planned for the newspaper, which he had purchased for USD250 million. However, Bezos said he would be making periodic visits but would devote most of his time to running Amazon.

Key executives of The Post would be keeping their positions. Katharine Weymouth would retain her role as publisher, as well as executive editor Martin Baron. Both would be reporting to Bezos.  

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