Amazon CEO Jeff Bezos is spending $250M to buy the Washington Post and its chain of local papers. He promises the Post's "values will not change" and is optimistic about the future of the daily.
Katharine Weymouth, CEO and publisher will remain at the helm. She's joined by Stephen Hills, president and general manager; Marty Baron, executive editor, and Fred Hiatt, editorial page editor.
Donald Graham, CEO of the Washington Post Co., said the sale was made "after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post."
Foreign Policy and slate.com are not included in the deal. They remain part of Washington Post Co, which is powered by its Kaplan education unit and TV stations.
A new name for WPC will be announced shortly.
Allen & Co. engineered the deal.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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