Reuters
by Jennifer Saba
August 5, 2013

Amazon.com Inc founder Jeff Bezos will buy the Washington Post newspaper for $250 million in a surprise deal that ends the Graham family's 80 years of ownership and hands one of the country's most influential publications to the tech entrepreneur.

Bezos, hailed by many as a visionary who helped transform Internet retail, called his acquisition a personal endeavor and reassured Post employees and readers he will preserve the paper's journalistic tradition, while driving innovation.

The acquisition, the latest in a flurry of recent media deals including the New York Times Co's sale of the Boston Globe for $70 million, is a further indication of the unprecedented challenges newspapers face as advertising revenue and readership decline.

(excerpted)
http://www.reuters.com/article/2013/08/0...E9740Y420130806