The Graham family didn't sell it to the Koch brothers -- that a very good thing, IMO.
I'll reserve my judgment, but I think an Internet-savvy owner could spell good things for WaPo. We'll see.
I read the article from WaPo itself. I cannot blame the family for wanting to get out of the news biz, I just hope the owner understands the responsibility of owning the Washington Post. HE's talking the paper private:
Bezos, 49, will take the company private, meaning he will not have to report quarterly earnings to shareholders or be subjected to investors’ demands for ever-rising profits, as the publicly traded Washington Post Co. is obligated to do now. As such, he will be able to experiment with the paper without the pressure of showing an immediate return on any investment. Indeed, Bezos’s history of patient investment and long-term strategic thinking made him an attractive buyer, Weymouth said.
nersOver the past 20 years, the list of family-owned companies that have sold their newspapers holdings include the Chandlers (owners of the Los Angeles Times, among others), the Cowles family (Minneapolis Star Tribune), the Copleys (San Diego Union-Tribune) and the Bancrofts (Wall Street Journal).
The New York Times, controlled by the Sulzberger family, is among the last major dailies still operated by descendants of its early proprietor. It acquired the Boston Globe from members of the Taylor family in 1993 for $1.1 billion; it announced last week it was selling the paper for a mere $70 million to Boston businessman John W. Henry, who owns the Boston Red Sox baseball team.
Following the sale to Bezos, the Graham family will continue to control the renamed Washington Post Co. through its closely held stock, known as Class A shares. The A shares cannot be sold on the open market but outvote a second class of public stock, called Class B shares. The New York Times Co. has a similar stock structure, ensuring the Sulzbergers’ control.
I'm taking a wait an see view.
= new reply since forum marked as read
