Jeff Bezos, CEO of Amazon. Credit: AFP/Getty Images
WASHINGTON (TheBlaze/AP) -- Amazon.com founder Jeff Bezos is buying The Washington Post and other newspapers for $250 million.
The longtime publisher, The Washington Post Co., announced the deal Monday. Bezos is buying the paper as an individual. Amazon.com Inc. is not involved.
Bezos also made it clear he doesn't have a "worked-out plan" in regards to the future of The Post. "This will be uncharted terrain and it will require experimentation," he said.
Washington Post chairman and CEO Donald Graham called Bezos a "uniquely good new owner." He said the decision was made after years of newspaper industry challenges. The company, which owns the Kaplan education business and several TV stations, will change its name but didn't say what the new name will be.
"Every member of my family started out with the same emotion—shock—in even thinking about" selling the paper, Graham explained. "But when the idea of a transaction with Jeff Bezos came up, it altered my feelings."
"The Post could have survived under the company’s ownership and been profitable for the foreseeable future. But we wanted to do more than survive. I’m not saying this guarantees success but it gives us a much greater chance of success," he added.
Bezos said in a statement that he understands the Post's "critical role" in Washington and said its values won't change.