Amazon Founder Buys Washington Post

On August 5, 2013, the new media became the winner in acquiring a venerable brand from the old media as Amazon founder Jeff Bezos agreed to buy the landmark newspaper and other assets for a value of $250 million from the Washington Post Co., whose Chairman and CEO, Donald Graham, called Bezos a "uniquely good owner". This is the first time the ownership will switch from the Graham family, which has controlled the Washington Post since 1933, in almost eight decades. Katharine Weymouth, granddaughter of Phillip L. Graham and Katharine Graham, will remain the CEO and publisher of the newspaper. The Washington Post Company's name will be changed, but will retail all other assets such as Slate online magazine, TheRoot.com and Foreign Policy magazine. The rich history and the rightful place of the Post in American political fabric brought the investigative journalism to world stage with Bob Woodward and Carl Bernstein becoming the household names after their unraveling and unwrapping of the Watergate scandal that had led to President Richard Nixon's quitting the office. In 2008 alone, Post achieved six Pulitzers for exposing mistreatment at Walter Reed Hospital, covering the Virginia Tech massacre and detail reporting on the private security contract in Iraq.