In a historic procurement, Jeff Bezos, founder of Amazon.com has bought off US' most influential Washington Post newspaper for a whopping $250 million, bringing an end to Graham family's 80-year long ownership.
Bezos, a visionary who revolutionized the world of Internet retail, touts his acquisition as a “personal endeavor”. Furthermore, the 49-year-old entrepreneur cheered the employees and the readers asserting that he will continue with the paper's “journalistic tradition” even while striving for innovation.
Shares of the Washington Post Co peaked above 5 percent to $599.85 after hours of acquirement - their highest level in almost five years.
"I understand the critical role the Post plays in Washington, DC and our nation, and the Post's values will not change," Bezos said in a letter addressed to employees .
"There will of course be change at the Post over the coming years. That's essential and would have happened with or without new ownership," he added. "We will need to invent, which means we will need to experiment."
Bezos has built Seattle-based Amazon.com into world's biggest shopping and online technology force.
(AW: Suchorita Dutta)
