Money and Finance
- Jeffrey Bezos, Washington Post’s Next Owner, Aims For A New ‘golden Era’ At The Newspaper
Jeffrey P. Bezos, the next owner of The Washington Post, says he doesn’t have all the answers for what’s ailing the newspaper industry or for the financially challenged news organization he is preparing to buy. But he says he’s eager to start asking...
- For Jeff Bezos, A New Frontier
Found via Abnormal Returns. A newspaper represents not just a business but a “public trust,” Washington Post Co. chairman and chief executive Donald E. Graham has said more than once. In other words, the values that matter in owning a newspaper go...
- Jeff Bezos Pays $250 Million For The Washington Post
In an ironic twist for a tycoon whose company has always kept its distance from the press, Amazon founder Jeff Bezos has agreed to pay $250 million cash for The Washington Post. The purchase takes the newspaper out of the hands of the Graham family,...
- Buffett Speaks On Career, U.s. Economy (video)
Found via the Corner of Berkshire & Fairfax. The video is about 43 minutes. June 6 (Bloomberg) -- Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., speaks about his investment strategy, friendship with Microsoft Corp. co-founder...
- Berkshire Hathaway To Buy Omaha World-herald Newspaper
Warren Buffett’s Berkshire Hathaway Inc. will expand its media holdings by acquiring the Omaha World-Herald Co., publisher of the billionaire’s hometown newspaper. The World-Herald reported the price as $150 million plus assumption of debt. The deal...
Money and Finance
As Jeff Bezos prepares to take over, a look at forces that shaped The Washington Post sale
Thanks to Lincoln for passing this along. The April 2013 interview with Graham is available HERE.
On April 4, Donald E. Graham sat for a videotaped interview about how the Internet and digital technology had hammered and transformed the news business. Cradling a coffee cup emblazoned with the word “Washington,” Graham sat next to his desk, with three Herblock cartoons on the wall behind him and a photo of a young Warren Buffett on the table next to him.
Graham gave a classic performance, telling stories of bygone times in his disarming aw-shucks manner, dispensing compliments to colleagues and rivals while mixing in his sober, analytical view about the reporting-intensive newspaper business — and his failure to come up with a way to sustain it.
“One of the questions that faces places like the [New York] Times and The Post is: Is there any kind of a plus to a news organization in having really high-quality reporting and editing?” he said at one point. “I’m pretty sure the answer to that is yes, but we have not figured it out.”
He added, “If somebody said to me there’s a way out for newspapers, but you’re going to have to lose $100 million a year to get there four to five years from now, I would sign up for it in a minute.”
But no one said that to him and unbeknownst to the three veteran journalists interviewing him that day for Riptide, a journalism history project at Harvard University’s Shorenstein center, Graham was trying to figure his own way out — of the daily newspaper business. Quietly, he was shopping around for a buyer, one without a political agenda but also one with a sense of stewardship about the paper — and pockets deep enough to buy the franchise and cover losses if necessary.
Amazon founder and chief executive Jeffrey P. Bezos ultimately agreed to buy the paper himself for $250 million, also acquiring El Tiempo, Express, the local Gazettes, and Robinson Terminal, including Robinson’s 23 acres of undeveloped land in Charles County, Md.
He wasn’t the only billionaire wooed, however, and that hadn’t been the only price discussed. Among others, Graham and the advisory firm of Allen & Co. also approached Robert Allbritton, owner of Politico and whose family once owned the Washington Star; Michael R. Bloomberg, who some people believed would want a daily print outlet in addition to his economic-driven subscriber news and data service; David Rubenstein, co-founder of the Carlyle Group and a major Washington philanthropist; and Eric Schmidt, who was chief executive of Google for 10 years.
The asking price in other negotiations reached $600 million, according to people familiar with the talks; for one prospective buyer, the price was significantly higher, according to a person whose advice was solicited by that person.
- Jeffrey Bezos, Washington Post’s Next Owner, Aims For A New ‘golden Era’ At The Newspaper
Jeffrey P. Bezos, the next owner of The Washington Post, says he doesn’t have all the answers for what’s ailing the newspaper industry or for the financially challenged news organization he is preparing to buy. But he says he’s eager to start asking...
- For Jeff Bezos, A New Frontier
Found via Abnormal Returns. A newspaper represents not just a business but a “public trust,” Washington Post Co. chairman and chief executive Donald E. Graham has said more than once. In other words, the values that matter in owning a newspaper go...
- Jeff Bezos Pays $250 Million For The Washington Post
In an ironic twist for a tycoon whose company has always kept its distance from the press, Amazon founder Jeff Bezos has agreed to pay $250 million cash for The Washington Post. The purchase takes the newspaper out of the hands of the Graham family,...
- Buffett Speaks On Career, U.s. Economy (video)
Found via the Corner of Berkshire & Fairfax. The video is about 43 minutes. June 6 (Bloomberg) -- Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., speaks about his investment strategy, friendship with Microsoft Corp. co-founder...
- Berkshire Hathaway To Buy Omaha World-herald Newspaper
Warren Buffett’s Berkshire Hathaway Inc. will expand its media holdings by acquiring the Omaha World-Herald Co., publisher of the billionaire’s hometown newspaper. The World-Herald reported the price as $150 million plus assumption of debt. The deal...