The Washington Post Co. has agreed to sell its flagship newspaper to Amazon.com founder and chief executive Jeffrey P. Bezos, ending the Graham family’s stewardship of one of America’s leading news organizations after four generations.
Bezos, whose entrepreneurship has made him one of the world’s richest men, will pay $250 million in cash for The Post and affiliated publications to the Washington Post Co., which owns the newspaper and other businesses.
It’s important to note that this transaction will take place separate from Amazon, a fact Bezos mentioned in his memo to WaPo staffers:
I won’t be leading The Washington Post day-to-day. I am happily living in “the other Washington” where I have a day job that I love. Besides that, The Post already has an excellent leadership team that knows much more about the news business than I do, and I’m extremely grateful to them for agreeing to stay on.
Bezos goes on to write that “the Internet is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources, and enabling new kinds of competition, some of which bear little or no news-gathering costs.”
Famously, newspapers have not faired well in the age on instant — and free — news. Bezos surely knows this, and hints that “experiments” will be taking place in the future to address this.
All in all, I really don’t know what to think about this. It’s really weird, but if anyone is crazy enough to try to save print journalism, maybe it’s Jeff Bezos.
Of course, maybe Bezos doesn’t care about the word print in that phrase…