The Washington Post , the US newspaper which brought down a president with its exposure of the Watergate scandal has been sold to Amazon founder Jeff Bezos for $250 million (188 million euros).
The flagship paper has struggled to adapt its coverage to the digital era and has suffered a sharp decline in advertising revenue and circulation, although it remains one of America’s most popular dailies.
The surprise sale ends the Graham family’s 80-year ownership of the Post.
It is understood that Bezos will own the paper personally, independently of Amazon, which he has built into a shopping and online technology giant. He says he does not intend to change the Post’s values or manage it day-to-day, although he talks of the need to evolve.
The acquisition is the latest in a series of media deals including the sale of the Boston Globe by the New York Times to the owner of the Boston Red Sox baseball team.
Bezos's many projects http://t.co/LnKvGP8ine— Washington Post (@washingtonpost) August 6, 2013