Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

8/5/2013 (8 months ago)

Catholic Online (www.catholic.org)

Media industry stunned at internet giant's audacious purchase

After more than 80 years in business, the Washington Post newspaper has been bought for $250 million by Internet retail giant Amazon. The purchase by Amazon owner Jeff Bezos has sent shockwaves around the media world. Among those the most surprised are Washington Post staff members, who were completely about the sale until just recently.

In an attempt to make a smooth transition, Amazon owner Jeff Bezos assured Washington Post members that his new ownership wouldn't bring radical change to the paper's core values.

In an attempt to make a smooth transition, Amazon owner Jeff Bezos assured Washington Post members that his new ownership wouldn't bring radical change to the paper's core values.

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/5/2013 (8 months ago)

Published in Business & Economics

Keywords: Jeff Bezos, Amazon, The Washington Post, purchase


LOS ANGELES, CA (Catholic Online) - "This is a day that my family and I never expected to come. The Washington Post Company is selling the newspaper it has owned and nurtured for eight decades," publisher and CEO Katharine Weymouth said in a letter to staff.

"The buyer is one of America's great innovators and most respected business leaders, Jeff Bezos, chief executive officer and founder of Amazon.com," she wrote. "Jeff is making this acquisition in his personal capacity and not as part of Amazon."

The purchase includes The Washington Post and other publishing businesses, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.

In an attempt to make a smooth transition, Bezos assures Washington Post members that his new ownership wouldn't bring radical change to the paper's core values. Bezos did say that the Post would need to "invent" and "experiment" to keep pace with the transformations in digital journalism.

"The values of The Post do not need changing," he wrote. "The paper's duty will remain to its readers and not to the private interests of its owners. We will continue to follow the truth wherever it leads, and we'll work hard not to make mistakes. When we do, we will own up to them quickly and completely."

Bezos announced has asked Weymouth, president and general manager Stephen P. Hills, executive editor Martin Baron, and editorial page editor Fred Hiatt to continue in their current roles.

"There will of course be change at The Post over the coming years," Bezos added. "That's essential and would have happened with or without new ownership. The Internet is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources, and enabling new kinds of competition, some of which bear little or no news-gathering costs. There is no map, and charting a path ahead will not be easy. We will need to invent, which means we will need to experiment."

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Business & Economics

Kill them with kindness: Apple launches 'charm offensive' Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Sometimes, it's best to kill them with kindness. Investors with Apple are growing disappointed with slower than usual growth. To address, the tech giant is planning a "charm offensive" to garner enthusiasm. Part of that strategy will be stock splits and huge ... continue reading


Despite naysayers -- America is successfully addressing debt Watch

Image of What's turning the tide is the fact that the U.S. energy revolution, with oil booms reported across the Dakotas, Wyoming, Nebraska, Washington, Oregon, Utah and Texas.

By Catholic Online (NEWS CONSORTIUM)

"Claims that President Barack Obama is bankrupting America with a lurch towards hard-Left statism are for tabloid consumption only," Columnist Ambrose Evans-Pritchard with The Telegraph writes. In a world littered with bad economic news, the proof is becoming ... continue reading


COMCAST DOMINATING? Merger may dominate market for local political advertisers Watch

Image of If Comcast's proposed $45 billion merger with Time Warner Cable is approved, according to industry sources, the Democrat Party-leaning cable television and Internet service could very well dominate the market for local political advertising.

By Catholic Online (NEWS CONSORTIUM)

If Comcast's proposed $45 billion merger with Time Warner Cable is approved, according to industry sources, the Democrat Party-leaning cable television and Internet service could very well dominate the market for local political advertising. The merger's ... continue reading


Is the 'Mark of the Beast' the future of money? Watch

Image of Theoretically, a unique identifier is attached to your digital wallet, could transmits payment for the groceries directly to the store.

By Catholic Online (NEWS CONSORTIUM)

Some futuristic thinkers say that in the next 20 years or so, when people go to the market, they will pick up the items they need and leave - without the benefit of paying a cashier. Sensors will identify a consumer by a mark, their way of walking or facial ... continue reading


Credit card wars: Wal-Mart sues Visa over transaction 'conspiracy' Watch

Image of Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

By Catholic Online (NEWS CONSORTIUM)

In an ongoing war over credit cards in the modern retail environment, Wal-Mart Stores Inc. is suing Visa Inc. for allegedly conspiring with banks to fix transaction fees. It's just the latest in a long, ongoing legal fight between retailers and card issuers. ... continue reading


In spite of tax revenue all-time highs - government still running in the deficit Watch

Image of Congress passed and President Obama signed

By Catholic Online (NEWS CONSORTIUM)

According to the Monthly Treasury Statement for February, inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014. It would stand to reason that the government would have partially dug itself out of its ... continue reading


'Regulated' Bitcoin exchanges planned in New York Watch

Image of Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

By Catholic Online (NEWS CONSORTIUM)

In a sign that the digital form of exchange in popularity - and by extension, legitimacy, New York's financial regulator has called on firms to submit proposals to set up "regulated" exchanges for currency such as the Bitcoin. LOS ANGELES, CA (Catholic Online) ... continue reading


One, fell swoop: Italy's biggest bank to cut 8,500 jobs Watch

Image of The company is to create an internal

By Catholic Online (NEWS CONSORTIUM)

"I believe the group has turned the page," Italy's largest bank, UniCredit's chief executive, Federico Ghizzoni said. "We could have staggered the losses over several years. We decided to take them all in one year." It wasn't good news for many - Unicredit has ... continue reading


$30 trillion increase from $70 trillion between mid-2007 and mid-2013 sends global debt over $100 trillion Watch

Image of The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

By Catholic Online (NEWS CONSORTIUM)

Everyone at some point seems to 'rob Peter to pay Paul' - especially international governments. During the European debt crisis, many nations borrowed money to keep their governments solvent. As a result, global debt increased by $30 trillion from the original ... continue reading


Wowza! Restaurant starts charging diners for Obamacare Watch

Image of Obamacare sounds nice, but somebody has to pay. At least Gator's Dockside is up front about it.

By Catholic Online (NEWS CONSORTIUM)

Going out to dinner? You'd better be prepared to pay a little bit extra thanks to Obamacare. A chain of Florida restaurants is tacking a surcharge onto diner's bills to help keep expenses at bay and workers on the payroll. LOS ANGELES, CA (Catholic Online) - A small ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 3:11-26
11 Everyone came running towards them in great ... Read More

Psalm, Psalms 8:2, 5, 6-7, 8-9
2 even through the mouths of children, or of babes in ... Read More

Gospel, Luke 24:35-48
35 Then they told their story of what had happened on ... Read More

Saint of the Day

Saint of the Day for April 24th, 2014 Image

St. Fidelis of Sigmaringen
April 24: Franciscan Capuchin martyr. He was born Mark Rey is Sigmaringen, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter