Jeff Bezos, CEO of Amazon Inc, in a surprising move buys Washington Post (A Newspaper Co.) for $ 250 million. Washington Post had been under the limelight since the Watergate Scandal in 1970’s.
Jeff Bezos first memo to the company employees:
We will need to invent. Which means we will have to experiment.
The values of The Post do not need any changing.
The transaction is not made from the company’s account but has been from Bezos’s personal fortune which is worth $22 bn.
The deal has most likely grown out of long term relationship of Jeff Bezos & The Graham family. The newspaper co. was owned by The Graham family for 4 generations. Donald Graham CEO of The Washington Post & also present on Facebook board of directors says “We want to do more than just survive. I’m not saying that this guarantees success but it gives us much greater chance of success”