Buys Washington Post

Bezos purchases the Washington Post, an American newspaper with a circulation of 474,767 subscribers. The $250,000,000 cash sale ends ownership of the paper by the Graham family. The paper has been in the family for the last four generations. Graham says:

Every member of my family started out with the same emotion — shock — in even thinking about [selling The Post] …. But when the idea of a transaction with Jeff Bezos came up, it altered my feelings.

Bezos will have sole ownership of the paper and the Post’s subsidiary properties. Bezos will remain in Seattle and continue to run the daily operations of Amazon. “I have a fantastic day job that I love,” he said.