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Amazon to buy Washington Post for USD 250mn

in International Business

Amazon to buy Washington Post for USD 250mn

washington postThe founder and CEO of Amazon.com, Jeff Bezos, has announced to buy America’s largest and renowned media publications, The Washington Post, for USD 250mn.

Founded in 1877, The Post became a journalistic icon for its role in uncovering the Watergate scandal, which brown down President Richard Nixon.

The fabled newspaper will not be part of online retailer Amazon.com.

The newspaper business became a victim of the digital revolution that has transformed the way people consume news. Newspaper revenue and circulation are shrinking as readers increasingly turn to digital media.

“The paper’s duty will remain to its readers and not to the private interests of its owners,” he wrote. “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,” said Jeff Bezos.

The Post is generally regarded as one of the leading daily American newspapers, along with The New York Times, and The Wall Street JournalThe Post has distinguished itself through its political reporting on the workings of the White House, Congress, and other aspects of the U.S. government.

Tags assigned to this article:
Amazon.comJeff BezosWashington Post

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