Latest News: Technology |  Celebrity |  Movies |  Apple |  Cars |  Business |  Sports |  TV Shows |  Geek

Trending

Filed under: News | Misc

 

Washington Post Sold for $250 to Amazon Owner Jeff Bezos

Multi-billionaire Jeff Bezos, the founder and owner of Amazon, will personally buy the America's leading news organization The Post and its affiliated newspaper the Washington Post for $250 million in cash.

1 Updates
Washington Post Sold for $250 to Amazon Owner Jeff Bezos
Getty Images
 
 

YouTube Videos Comments

Full Story

Washington Post Sold for $250 to Amazon Owner Jeff Bezos

Washington Post Sold for $250 to Amazon Owner Jeff Bezos
Getty Images

The sale of Washington Post’s newspaper division to Jeff P. Bezos allowed the company to shift its focus to its education wing. The newspaper had been facing various financial difficulties. However, the educational department was a flourishing business before it came under government surveillance. The Kaplan chain of colleges adds its share to the annual revenue of the company. But the newspaper field was the worst hit and had been suffering since the past seven years.

The Chairman of the Washington Post Co., Don Graham spoke of how he had done his level best to rejuvenate and resuscitate the enterprise. But it was all to no avail. Now that the company is going to concentrate on its educational assets, it is yet to be seen how this sector fares. The Washington Post revenues declined by 3% to $4 billion in the previous year. The operating income however fell by a whopping 56%.

The newspaper industry was in crisis. And so Graham had a serious conversation with his niece and Washington Post Publisher Katherine Weymouth. They discussed whether there was someone out there who could handle the newspaper well. Finally they decided to go ahead with the process. Later on Jeff Bezos was held to be the person who could best manage the enterprise. Bezos meanwhile also showed interest in the deal.

With the sale, the Washington-based company has severed all ties with the media. The goal was not to just keep the Washington Post in circulation but to make it a success. Jeff Bezos will surely take it back to the top since he has charisma. Jeff said that he was buying the Post in his personal capacity and hoped to shepherd it through the evolution away from traditional newsprint. He will not be facing many restrictions in the way he experiments with the newspaper. Jeff is the #3 on the list of the world’s richest billionaires. He has what it takes to build the Washington Post from the ground up.

Source: The Washington Post

 

iPad Air Giveaway. Win a free iPad Air.

You Might Also Like

Updates


Sponsored Update


Advertisement


More From the Web

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
Sumayah Aamir (Google+) has deep experience in analyzing the latest trends.

 

 

Comments

blog comments powered by Disqus

Latest stories

Benedict Cumberbatch Takes &quot;Ice Bucket Challenge&quot; To New Level
Benedict Cumberbatch Takes "Ice Bucket Challenge" To New Level
The Brit Star is nominated five times for the challenge.
 
 
Kari Byron, Tory Belleci and Grant Imahara Exit MythBusters
 
 
Microsoft set to unveil Windows 9 on September 30th
Microsoft set to unveil Windows 9 on September 30th
While Threshold is likely to be named Windows 9, it’s unlikely that Microsoft will name its upcoming Windows release at its press event.
 
 
Tara Reid Wears Revealing Dress at Sharknado 2 Screening
Tara Reid Wears Revealing Dress at Sharknado 2 Screening
Sharknado 2 hit the big screen yesterday in LA. Tara Reid used the occasion for a dramatic red carpet appearance. How does this dress stay on her boobs?
 
 
 

About the Geek Mind

The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.

The “geek mind” is concerned with life, in all its different forms and facets. The geek mind wants to know about societal and financial issues, both abroad and at home. If a Fortune 500 decides to raise their minimum wage, or any high priority news, the geek mind wants to know. The geek mind wants to know the top teams in the National Football League, or who’s likely to win the NBA Finals this coming year. The geek mind wants to know who the hottest new models are, or whether the newest blockbuster movie is worth seeing. The geek mind wants to know. The geek mind wants—needs—knowledge.

Read more about The Geek Mind.