Feeds

Washington Post officially sold to Amazon's Bezos for quarter of a Tumblr

80-year-old paper that broke Watergate scandal snapped up with kingpin's pocket change

Boost IT visibility and business value

Amazon founder Jeff Bezos last night completed his bargain-basement takeover of the Washington Post, which he bought for $250m in cash.

When the buyout plan was announced in August, 49-year-old billionaire Bezos said of the bold move: "This will be uncharted terrain and it will require experimentation."

While other internet moneybags shell out millions - or even billions - of dollars on profit-hungry Web2.0 properties such as Instagram and Tumblr, Bezos has taken on his own risk by injecting cash into a faded media starlet.

The acquisition brought to an end an 80-year-long family business: the organ's boss Donald Graham ceded control of the paper to Bezos after declaring the Amazon supremo a good "steward" for the publication.

WaPo clearly needed help. It lost £39m in 2012 and sales have nearly halved over the past six years.

Little has been shared about Bezos's plans for the Post, its affiliated publications, and the 2,000 employees working for the company.

But he will immediately bring in a "financial cushion", the newspaper said as it announced the deal had closed on Tuesday.

It added that the paper will now have "time to conduct experiments that could lead to a successful business model" under the guidance of Bezos, who founded online retail giant Amazon.com in 1994 - two years before the Post began publishing its articles online. ®

Build a business case: developing custom apps

More from The Register

next story
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.