Jeff Bezos to buy Washington Post for $250 million

Founder of world’s largest ecommerce portal Amazon.com, Jeff Bezos is all set to buy famous Washington Post at $250 million.

Bezos is buying the Washington Post as an individual and not on behalf of Amazon.

“Mr. Bezos knows as well as anyone the opportunities that come with revolutionary technology when we understand how to make the most of it. Under his ownership and with his management savvy, we will be able to accelerate the pace and quality of innovation,” Katharine Weymouth, Post’s publisher and CEO said in a letter to readers.

49-year-old Bezos changed the world shopping trend when he launched Amazon.com which primarily sells books online and later transformed it into full-fledged online shopping portal.

“The paper’s duty will remain to its readers and not to the private interests of its owners. We will continue to follow the truth wherever it leads, and we’ll work hard not to make mistakes. When we do, we will own up to them quickly and completely,” Bezos said to Post employees in a letter distributed to the media.

“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. There is no map, and charting a path ahead will not be easy. We will need to invent, which means we will need to experiment,” Bezos added in his letter. 

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