NEW YORK (
The Washington Post Co.
has agreed to sell its flagship newspaper, The Washington Post, to
CEO Jeff Bezos for $250 million in cash.
The move comes just a few days after Bezos
$185 million in Amazon stock, parting with nearly 615,000 shares of the Seattle-based online retailer. Amazon is not involved in Washington Post transaction.
The Washington Post
detailed the transaction in an
on its website, noting that thesale helps the company do more than just survive. "Every member of my family started out with the same emotion--shock--in even thinking about" selling The Post, said Donald Graham, the CEO of The Washing Post in an interview with the paper "But when the idea of a transaction with Jeff Bezos came up, it altered my feelings."
He added that The Post could have "been profitable for the foreseeable future. But we wanted to do more than survive. I'm not saying this guarantees success but it gives us a much greater chance of success."
In a press release discussing the transaction, Bezos noted how critical the Post is to the country. "I understand the critical role the Post plays in Washington, DC and our nation, and the Post's values will not change," Bezos said in the press release. "Our duty to readers will continue to be the heart of the Post, and I am very optimistic about the future."
As part of the transaction, Bezos will receive The Washington Post and other several other publishing businesses, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.
Not included in the transaction are
, WaPo Labs and SocialCode businesses, the company's interest in Classified Ventures and certain real estate assets. The company will change its name in conjunction with the deal, though no new name has been announced yet.
The move comes just a few days after
Boston Red Sox
owner John Henry
The Boston Globe
The New York Times
for $70 million in cash.
Shares of The Washington Post closed higher in Monday trading, up 1.56% to $568.70.
Written by Chris Ciaccia in New York