Beyond The Washington Post, the transaction covers the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.
Slate magazine, TheRoot.com, Foreign Policy, the WaPo Labs and SocialCode businesses, the company’s interest in Classified Ventures and real estate assets, including the headquarters building in downtown Washington, DC, are not part of the transaction and will remain with The Washington Post Company, which also owns Kaplan, Post–Newsweek Stations and Cable ONE. In conjunction with the transaction, it will be changing its name, which has yet been announced.
Mr. Bezos bought the The Washington Post via an entity that belongs to him. Amazon.com, Inc. was not involved in the deal.
Commenting on the reasons behind the decision to sell, Donald E. Graham, Chairman and CEO of The Washington Post Company, said: “I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post (after a transaction that would be in the best interest of our shareholders).
“Jeff Bezos’ proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post”.
Mr. Bezos said: “I understand the critical role the Post plays in Washington, DC and our nation, and the Post’s values will not change.
“Our duty to readers will continue to be the heart of the Post, and I am very optimistic about the future”, he added.
According to a written note, Bezos has asked Katharine Weymouth, CEO and Publisher of The Washington Post, Stephen P. Hills, President and General Manager, Martin Baron, Executive Editor, and Fred Hiatt, Editor of the Editorial Page to continue in their roles.