Amazon CEO to buy Washington Post Acquisition is another sings of unprecedented challenges newspapers face as advertising revenue and readership decline….Amazon Inc founder Jeff Bezos will buy the Washington Post newspaper for $250Million in a surprice deal that ends the GRAHAM familys 80 years of ownership and hands one of the countrys most influential publications to the businessman whose internet company has transformed retailing….Jeff Bezos called his acquisition a personal endeavour and reassured employees and readers of the 135 year old newspaper he will preserve its journalistic traditions while drivibng innovations….The acquisition the largest in a flurry of deals for the print media publications including the NEW YORK Times cos sale of the BOSTON GLOBE fro $ 70 Million is another Singh of the unprecedented challenges news papers face as advertising revenue and readership decline….Shares of Washington post co climbed more than 5 percent to $ 599.85 their highest level in almost 5 years.. Wahington Post is the 7th largest daily in the United States and was where journalists Bob Woodward and Carl Bernstein broke the Watergate story which led to the resignations of president Richard Nixon in 1974. While its lagend and status loomed large WP represents only a faction of the company which has extended into health care services and most recently an instustrial supplier. The collection of companies that make up the WP is akin to Warren Buffets Bershiere Hathaway Inc which owns disparate business from railroads to underwear as well as astake in the Post.
Posted on: Wed, 07 Aug 2013 20:40:27 +0000
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