3 p.m., Dec. 6
Amazon's Bezos buys Washington Post for $250 million
But the ailing newspaper will not be part of booming Amazon
The Washington Post Co. has agreed to sell its flagship paper to Amazon.com founder Jeff Bezos for $250 million in cash. The paper will not be part of Amazon, which is prospering handsomely.
The deal includes a few other smaller papers. The Washington Post Co. will change its name at some point. It is retaining certain assets such as publications Foreign Policy, Slate, and TheRoot.com.
It will not sell its headquarters building, cable operator CableOne, and the Post-Newsweek network of TV stations.
The Washington D.C. company will keep its for-profit education operation, Kaplan. This company has not generated as much controversy as San Diego's Bridgepoint Education, but there have been many probing questions about its modus operandi.
Bezos is said to be worth $25 billion.