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Washington Post Latest News: Newspapers Are Billionaires' Latest Trophies

Wochit 1:12 mins

In a sign of the weakening status of print media, The Washington Post, once worth billions of dollars will be sold for just $250 million to Amazon CEO Jeff Bezos. This deal comes on the heals of Red SOx owner John Henry purchase of The Boston Globe for $70 million and Newsweek's sale to colver $40 million in pensions. While some dismissed the $250 million deal as the flashy act of an Internet billionaire, others speculated about why Jeffrey Bezos, the founder of Amazon, would want a publishing company and what he would do next. Amazon CEO Jeff Bezos is paying $250 million to buy the Washington Post and even he doesn't seem to know why. Bezos actually copped to his lack of a plan in a somewhat rambling letter to Post employees. "There is no map and charting a path won't be easy," Bezos confessed. "Our touchstone will be readers -understanding what they care about... and working backwards from there."

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