Super Lawyers
The top Attorneys in Virginia and
the Washington, D.C. metropolitan
area, only 5% of the attorneys
in the state are named in SuperLawyers
ATA NBTA | The National Board of Trial Advocacy Association of Trial Lawyers of America Virginia Trial Lawyers Association

Amazon CEO buys Washington Post for $250 million

News coverage in Fairfax County, and the rest of the world, got a shot in the arm when Amazon CEO Jeff Bezos purchased The Washington Post for $250 million. The whole field of business acquisition and mergers has changed in the Internet Age, as proven by Bezos buying the newspaper as an individual, not as a part of mega-retailer The Post's current owner, Washington Post Co., will be changing its name as it moves forward with its remaining divisions but will still hold onto its remaining businesses, such as its Kaplan education operation.

Amazon's CEO pledged not to change the values of the prestigious newspaper, which changes hands from the Graham family for the first time since 1933. Publisher Katherine Graham was at the helm in 1973-74, when Post reporters Bob Woodward and Carl Bernstein reported on the Watergate scandal, coverage that led to the only resignation of a US president. She also was in charge when the Post published The Pentagon Papers in 1971.

Bezos joins an elite club of newspaper-buying billionaires such as Warren Buffet and John Henry, owner of the Boston Red Sox, who recently agreed to buy The Boston Globe. The newspaper division purchased by Bezos was valued at $255.6 million, just $6 million more than he paid. This is estimated to be less than 10 percent of the value of The Washington Post Co.'s entire business. Advertising sales had slumped in recent years, leading the company to ask investment bank Allen & Co. to arrange a sale.

An attorney experienced in business law may be able to help companies with mergers and acquisitions, buy/sell agreements and expansion into new markets. Such a legal professional may also be of use negotiating government contracts, defense contracts and real estate transactions.

Source: Bloomberg, "Jeff Bezos Bets $250 Million on Reviving Washington Post", Nick Turner & Edmund Lee , August 06, 2013

DISCLAIMER: This website is designed to provide only general information; nothing contained herein constitutes legal advice nor is it an offer of legal representation. Use of this website is not intended in any way to create or convey the impression that such use of the website by any person, organization, or entity of any nature and/or kind constitutes any attorney-client relationship whatsoever and any information provided in this website shall not constitute legal advice. The use of any electronic communication available through this website with the Law Office of Richard L. Downey or any person associated with this website shall not constitute attorney-client relationship nor will any communication received by the Law Office of Richard L. Downey constitute an attorney-client communication. The Law Office of Richard L. Downey cannot make any guarantees as to the accuracy or currency of any information contained in or created in this website or the use of any link to another website contained in this website. The information that you obtain at this website is not, nor is it intended to be legal advice. You should consult a lawyer for individual advice concerning your own particular situation.

*The National Board of Trial Advocacy is accredited by the American Bar Association. Currently there is no procedure in the Commonwealth of Virginia for approving certifying organizations.