The world is wondering what’s in store for the new publishing revolution as Amazon.com founder and CEO Jeff Bezos will purchase the Washington Post for $250 million. Seattle-based Amazon has no role in the deal as Bezos will buy the organization and become its sole owner.
Bezos is known as an avid reader and writer, so it’s no surprise that he’s up for a challenge to save the paper that’s suffered a 44 percent decline in operating revenue over the past six years. Business Week reports that Bezos banished PowerPoint from all meetings at Amazon. Presenters were asked to pass out a narrative document (within six pages) that outlined the topic being discussed.
Washington Post chairman and CEO Donald Graham says the decision to sell was made after years of newspaper industry challenges.
In a letter written to employees of Washington Post, Bezos said he would bring Amazon-style innovation to the 66-year-old newspaper. He ensured employees that the values of The Post won’t need much change but mentions the newspaper will need to evolve with technology.
“The Internet is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources, and enabling new kinds of competition, some of which bear little or no news-gathering costs. There is no map, and charting a path ahead will not be easy. We will need to invent, which means we will need to experiment,” said Bezos.
The Washington Post is reported to be one of the most popular news sources online. Print circulation has dwindled at 7 percent daily and Sundays during the half of this year.
The deal will include other publishing businesses, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing, the company said.