Jeff Bezos Purchases The Washington Post

Wow. Talk about a changing market in journalism. The huge news today is that Jeff Bezos, founder of Amazon.com, is plunking $250 million in cash to buy The Washington Post. Here is more:

Bezos, whose entrepreneurship has made him one of the world’s richest men, will pay $250 million in cash for The Post and affiliated publications to the Washington Post Co., which owns the newspaper and other businesses.

Seattle-based Amazon will have no role in the purchase; Bezos himself will buy the news organization and become its sole owner when the sale is completed, probably within 60 days. The Post Co. will change to a new, still-undecided name and continue as a publicly traded company without The Post thereafter.

The sale to Bezos involves The Post and its website (washingtonpost.com), along with the Express newspaper, the Gazette Newspapers and Southern Maryland Newspapers in suburban Washington, the Fairfax County Times, the Spanish-language El Tiempo Latino newspaper, and the Robinson Terminal production plant in Springfield. Bezos will also purchase the Comprint printing operation in Gaithersburg, which publishes several military publications.

The deal does not include the company’s headquarters on 15th St. NW in Washington (the building has been for sale since February), or Foreign Policy magazine, Slate.com, the Root.com, the WaPo Labs digital-development operation or Post-owned land along the Potomac River in Alexandria.

Bezos’s purchase is a great addition to the history of The Washington Post:

The Post, founded in 1877, has been controlled since 1933 by the heirs of Eugene Meyer, a Wall Street financier and former Federal Reserve official. Meyer bought the paper for $825,000 at a bankruptcy auction during the depth of the Depression.

After years of financial struggle, Meyer and his successor as publisher of The Post, son-in-law Philip L. Graham, steered the paper into a leading position among Washington’s morning newspapers. They began enlarging the company, notably by acquiring TV stations and Newsweek magazine in 1963 (the company sold the magazine for a nominal fee to the late billionaire Sidney Harman in 2010 after years of losses). In later years, the company added cable TV systems and the Kaplan educational division, currently the company’s largest by revenue.

UPDATE (8/5/13):

Here is Jeff Bezos’s letter to The Washington Post employees, in which he alludes to the changing nature of journalism and what’s to come for the paper:

There will of course be change at The Post over the coming years. 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. Our touchstone will be readers, understanding what they care about – government, local leaders, restaurant openings, scout troops, businesses, charities, governors, sports – and working backwards from there. I’m excited and optimistic about the opportunity for invention.

Jose Antonio Vargas: My Life as an Undocumented Citizen

In the lastest issue of New York Times Magazine, writer Jose Antonio Vargas (who wrote the sublime piece on Mark Zuckerberg last year) bares it all and reveals the incredible story of how he arrived to America and has been living here as an illegal immigrant.

This paragraph sets the stage, and thumps the heart:

One day when I was 16, I rode my bike to the nearby D.M.V. office to get my driver’s permit. Some of my friends already had their licenses, so I figured it was time. But when I handed the clerk my green card as proof of U.S. residency, she flipped it around, examining it. “This is fake,” she whispered. “Don’t come back here again.”

His approach to life is one of fear and hesitation:

On the surface, I’ve created a good life. I’ve lived the American dream…But I am still an undocumented immigrant. And that means living a different kind of reality. It means going about my day in fear of being found out. It means rarely trusting people, even those closest to me, with who I really am. It means keeping my family photos in a shoebox rather than displaying them on shelves in my home, so friends don’t ask about them. It means reluctantly, even painfully, doing things I know are wrong and unlawful. And it has meant relying on a sort of 21st-century underground railroad of supporters, people who took an interest in my future and took risks for me…

I can relate to the challenge of learning the language, English, as Vargas explains here (I used to watch Home Improvement as well):

My first challenge was the language. Though I learned English in the Philippines, I wanted to lose my accent. During high school, I spent hours at a time watching television (especially “Frasier,” “Home Improvement” and reruns of “The Golden Girls”) and movies (from “Goodfellas” to “Anne of Green Gables”), pausing the VHS to try to copy how various characters enunciated their words. At the local library, I read magazines, books and newspapers — anything to learn how to write better. Kathy Dewar, my high-school English teacher, introduced me to journalism. From the moment I wrote my first article for the student paper, I convinced myself that having my name in print — writing in English, interviewing Americans — validated my presence here.

Again and again, Vargas reiterates how difficult the deception was:

For more than a decade of getting part-time and full-time jobs, employers have rarely asked to check my original Social Security card. When they did, I showed the photocopied version, which they accepted. Over time, I also began checking the citizenship box on my federal I-9 employment eligibility forms. (Claiming full citizenship was actually easier than declaring permanent resident “green card” status, which would have required me to provide an alien registration number.)

This deceit never got easier. The more I did it, the more I felt like an impostor, the more guilt I carried — and the more I worried that I would get caught. But I kept doing it. I needed to live and survive on my own, and I decided this was the way.

So why come forward like this? Vargas explains:

So I’ve decided to come forward, own up to what I’ve done, and tell my story to the best of my recollection. I’ve reached out to former bosses­ and employers and apologized for misleading them — a mix of humiliation and liberation coming with each disclosure. All the people mentioned in this article gave me permission to use their names. I’ve also talked to family and friends about my situation and am working with legal counsel to review my options. I don’t know what the consequences will be of telling my story.

Good for him. I imagine a tremendous burden has been lifted. Earlier I wrote about liberation. I think Vargas feels so liberated now. Let’s hope he gets the chance to stay in America and continue doing great work in journalism. You should read his entire remarkable story, in which he reveals his progression from his work on a high school newspaper  to work at the Huffington Post and Washington Post, to where he stands today. Amazing.