This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.nytimes.com/2013/08/06/business/media/amazoncom-founder-to-buy-the-washington-post.html

The article has changed 12 times. There is an RSS feed of changes available.

Version 1 Version 2
Amazon.com Founder to Buy The Washington Post Amazon.com Founder to Buy The Washington Post
(35 minutes later)
The Washington Post, the venerable newspaper whose reporting ended a presidency and inspired a generation of journalists, is being sold to the founder of Amazon.com, Jeffrey P. Bezos, in a surprise deal that has shocked the industry. The Washington Post, the venerable newspaper whose reporting helped end a presidency and inspired a generation of journalists, is being sold to the founder of Amazon.com, Jeffrey P. Bezos, in a surprise deal that has shocked the industry.
Donald E. Graham, chairman and chief executive of The Washington Post Company, told the newspaper’s staff about the sale late Monday afternoon. They had gathered together in the newspaper’s auditorium at the behest of the publisher, Katharine Weymouth. Donald E. Graham, chairman and chief executive of The Washington Post Company, told the newspaper’s staff about the sale late Monday afternoon. They had gathered in the newspaper’s auditorium at the behest of the publisher, Katharine Weymouth.
“I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post (after a transaction that would be in the best interest of our shareholders),” Mr. Graham said. “I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for The Post (after a transaction that would be in the best interest of our shareholders),” Mr. Graham said in a statement.
The announcement stressed that Mr. Bezos would purchase The Post in a personal capacity, and not on behalf of Amazon, the Internet retailer. The $250 million deal includes all of the publishing businesses owned by The Washington Post Company, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing. The announcement stressed that Mr. Bezos would purchase The Post in a personal capacity, and not on behalf of Amazon, the Internet retailer. The deal includes all of the publishing businesses owned by The Washington Post Company, including the Express tabloid, The Gazette Newspapers in Maryland, Southern Maryland Newspapers, The Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.
The Washington Post company plans to hold onto Slate magazine, The Root.com and Foreign Policy. According to the release, Mr. Bezos has asked Ms. Weymouth to remain at The Post along with Stephen P. Hills, president and general manager; Martin Baron, executive editor; and Fred Hiatt, editor of the editorial page. The Washington Post Company plans to retain Slate magazine, The Root.com and Foreign Policy magazine.
According to the release, Mr. Bezos has asked Ms. Weymouth to remain at The Post along with Stephen P. Hills, president and general manager; Martin Baron, executive editor; and Fred Hiatt, editor of the editorial page.
“I am honored to continue as C.E.O. and publisher,” Ms. Weymouth said in a statement. “I have asked the entire senior management team at all of the businesses being sold to continue in their roles as well.”“I am honored to continue as C.E.O. and publisher,” Ms. Weymouth said in a statement. “I have asked the entire senior management team at all of the businesses being sold to continue in their roles as well.”
The sale to Mr. Bezos marks the end to eight decades of ownership by the Graham family. During that time, longtime publisher Katharine Graham oversaw the paper as it became renown not only for its news coverage of Watergate, the political scandal that led to the resignation of Richard Nixon, but also for its appearance in “All The President’s Men,” the Academy Award-winning 1976 film about the scandal. The sale to Mr. Bezos for $250 million ends eight decades of ownership by the Graham family. During that time, the longtime publisher, Katharine Graham, oversaw the paper as it became renowned not only for its news coverage of Watergate, the political scandal that led to the resignation of Richard Nixon, but also for its appearance in “All the President’s Men,” the Academy Award-winning 1976 film about the scandal.
The Post’s daily circulation peaked in 1993 with 832,332 average daily subscribers, according to the Alliance for Audited Media. But like most newspapers, it has suffered greatly from circulation and advertising declines. By March, the newspaper’s daily circulation had dropped to 474,767. The company became pressed enough for cash that Ms. Weymouth announced in February that it was looking to sell its flagship headquarters. The Post’s daily circulation peaked in 1993 with 832,332 average daily subscribers, according to the Alliance for Audited Media. But like most newspapers, it has suffered greatly from declines in circulation and advertising. By March, the newspaper’s daily circulation had dropped to 474,767. The company became pressed enough for cash that Ms. Weymouth announced in February that it was looking to sell its flagship headquarters.
Mr. Graham said in statements released on Monday that the newspaper market had become too untenable.Mr. Graham said in statements released on Monday that the newspaper market had become too untenable.
“As the newspaper business continued to bring up questions to which we have no answers, Katharine and I began to ask ourselves if our small public company was still the best home for the newspaper,” said Mr. Graham. “Our revenues had declined seven years in a row. We had innovated and to my critical eye our innovations had been quite successful in audience and in quality, but they hadn’t made up for the revenue decline. Our answer had to be cost cuts and we knew there was a limit to that. We were certain the paper would survive under our ownership, but we wanted it to do more than that. We wanted it to succeed.” “As the newspaper business continued to bring up questions to which we have no answers, Katharine and I began to ask ourselves if our small public company was still the best home for the newspaper,” Mr. Graham said. “Our revenues had declined seven years in a row. We had innovated and to my critical eye our innovations had been quite successful in audience and in quality, but they hadn’t made up for the revenue decline. Our answer had to be cost cuts and we knew there was a limit to that. We were certain the paper would survive under our ownership, but we wanted it to do more than that. We wanted it to succeed.”

This article has been revised to reflect the following correction:

This article has been revised to reflect the following correction:

Correction: August 5, 2013Correction: August 5, 2013

An earlier version of this article misstated the middle initial of the founder of Amazon.com. He is Jeffrey P. Bezos, not Jeffrey K.

An earlier version of this article misstated the middle initial of the founder of Amazon.com. He is Jeffrey P. Bezos, not Jeffrey K.