Amazon's Bezos finalizes purchase of Washington Post
One of the nation's most highly regarded newspapers is now officially in the hands of Amazon's CEO and co-founder.
Amazon CEO and co-founder Jeff Bezos' purchase of the Washington Post is now final. According to the Associated Press, all of the I's have been dotted and the T's have been crossed and the newspaper is now officially under Bezos' ownership.
The Amazon CEO entered into an agreement with the Washington Post Co. in August tofor $250 million, including its flagship newspaper after decades of family ownership. Bezos bought the business as an individual entity, not through Amazon.com.
In a memo to Post employees shortly after the announcement, Bezos said he wouldn't run the paper day-to-day, but rather leave that in the hands of the current editorial leadership. In a September interview, the executive said he believes the newspaper could be successful if it uses .
"We've had three big ideas at Amazon that we've stuck with for 18 years, and they're the reason we're successful: Put the customer first. Invent. And be patient," he told the Post's Paul Farhi. "If you replace 'customer' with 'reader,' that approach, that point of view, can be successful at The Post, too."
Though the deal includes the Post and other traditional publishing properties, it doesn't include more digital-leaning assets in the company's portfolio, like Slate magazine and TheRoot.com. The Washington Post Co. that remains after selling its namesake publication will be changing its name because of the sale. The new name hasn't been released.