Amazon CEO Buys Washington Post For $250 Million

With barely a hint that it was on the chopping block, The Washington Post Co. sold its namesake paper to Amazon.com entrepreneur Jeff Bezos for $250 million cash.

An unaffiliated Bezos is buying the Post and will become the singular owner. The Washington Post Co. will change its name and continue on without its flagship newspaper. Current CEO and dynastic head Donald Graham said the family was shocked at the first thought of selling, but Bezos’s involvement changed their minds.

“The Post could have survived under the company’s ownership and been profitable for the foreseeable future,” he said. “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.” Read more at….you guessed it:  The Washington Post.

{Andy Heller-Matzav.com Newscenter}