Amazon CEO to buy the Washington Post

CNC report from Washington
Added On August 6, 2013

Amazon founder and CEO Jeff Bezos has announced that he'll buy The Washington Post as an individual for 250 million U.S. dollars in cash.

The purchase ends the Graham family's control of one of the leading news organizations in the United States after four generations.

In a Monday statement, The Washington Post Co. said after selling its flagship newspaper, the corporation itself would change to a new, still-undecided name.

The deal comes as U.S. newspapers are losing readers and profits as more and more people turn to the Internet and other digital media sources.

Multi-billionaire Bezos says he hopes to shepherd the Washington Post through the evolution away from traditional newsprint.