AMERICAN newspaper The Washington Post has been bought by Amazon founder Jeff Bezos for $250 million.
The deal will see Bezos pay $250 million in cash for The Post and affiliated publications to the Washington Post Company, which will continue as a company without its flagship title.
The Washington Post said on its website that the Post Co.’s newspaper division has suffered a 44 percent decline in operating revenue over the past six years.
In an interview with the paper, Bezos said: “The key thing I hope people will take away from this is that the values of The Post do not need changing. The duty of the paper is to the readers, not the owners.”
Bezos, who is reportedly worth over $25 billion, said he would maintain his home in Seattle and would delegate the paper’s daily operations to its existing management. No job losses are expected as a result of the sale.