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

The essential guide to IT transformation

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. ®

Next gen security for virtualised datacentres

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
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 ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Broadband slow and expensive? Blame Telstra says CloudFlare
Won't peer, will gouge for Internet transit
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
prev story

Whitepapers

A new approach to endpoint data protection
What is the best way to ensure comprehensive visibility, management, and control of information on both company-owned and employee-owned devices?
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.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.