What do you do when you have plenty of money sitting in the bank? Why, you do your best to preserve as well as grow your wealth, of course. Word has it that Amazon.com’s founder, billionaire Jeff Bezos, will be purchasing The Washington Post for $250 million. Donald E. Graham, chairman and chief executive of The Washington Post Company, who also happens to be the third generation of the Graham family to helm the paper, informed his staff concerning the sale to Jeff Bezos this afternoon.
Mr. Graham addressed his staff, saying, “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).”
It will be interesting to see how a technopreneur like Jeff is going to bring The Washington Post to new heights. After all, The Washington Post has been described to be one of the crown jewels in the newspaper world, and to see it enter uncharted territory in the hands of Bezos is an exciting and challenging ride.
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