WASHINGTON--(BUSINESS WIRE)--Aug. 5, 2013--
The Washington Post Company (NYSE: WPO) announced today that it has
signed a contract to sell its newspaper publishing businesses, including
The Washington Post newspaper, to Jeffrey P. Bezos.
The purchaser is an entity that belongs to Mr. Bezos in his individual
capacity and is not Amazon.com, Inc.
“Everyone at the Post Company and everyone in our family has always been
proud of The Washington Post — of the newspaper we publish and of the
people who write and produce it,” said Donald E. Graham, Chairman and
CEO of The Washington Post Company. “I, along with Katharine Weymouth
and our board of directors, decided to sell only after years of familiar
newspaper-industry challenges made us wonder if there might be another
owner who would be better for the Post (after a transaction that would
be in the best interest of our shareholders). Jeff Bezos’ proven
technology and business genius, his long-term approach and his personal
decency make him a uniquely good new owner for the Post.”
“I understand the critical role the Post plays in Washington, DC and our
nation, and the Post’s values will not change,” said Mr. Bezos. “Our
duty to readers will continue to be the heart of the Post, and I am very
optimistic about the future.”
Mr. Bezos has asked Katharine Weymouth, CEO and Publisher of The
Washington Post; Stephen P. Hills, President and General Manager; Martin
Baron, Executive Editor; and Fred Hiatt, Editor of the Editorial Page to
continue in those roles.
“With Mr. Bezos as our owner, this is the beginning of an exciting new
era,” said Ms. Weymouth. “I am honored to continue as CEO and Publisher.
I have asked the entire senior management team at all of the businesses
being sold to continue in their roles as well.”
The transaction covers 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.
Slate magazine, TheRoot.com and Foreign Policy are not part of the
transaction and will remain with The Washington Post Company, as will
the WaPo Labs and SocialCode businesses, the Company’s interest in
Classified Ventures and certain real estate assets, including the
headquarters building in downtown Washington, DC. The Washington
Post Company, which also owns Kaplan, Post–Newsweek Stations and Cable
ONE, will be changing its name in connection with the transaction; no
new name has yet been announced.
The purchase price is $250 million, subject to normal working capital
adjustments, payable at closing later this year.
Allen & Co. assisted the Post Company in the sale process.
About The Washington Post Company
The Washington Post Company (NYSE:WPO) is a diversified education and
media company. The Company’s Kaplan subsidiary provides a wide variety
of educational services, both domestically and outside the United
States, including programs to prepare students for careers in healthcare
and many other fields. Its media operations include newspaper publishing
(principally The Washington Post), television broadcasting (through the
ownership and operation of six television broadcast stations) and cable
television systems. The Company also owns Celtic Healthcare, a
multistate provider of Medicare-certified home healthcare and hospice
services, and Forney Corporation, a global supplier of products and
systems that control and monitor combustion processes in electric
utility and industrial applications.
Source: The Washington Post Company
The Washington Post Company
Rima Calderon, 301-996-6350
Kristine Coratti, 202-334-5445