The sale of the Washington Post, one of the most prominent newspapers on the U.S. and international market, could shake up the newspaper industry, a Financial Times article has suggested.
The Washington Post announced it would be selling to Amazon founder Jeff Bezos for US$250 million on Monday.
The deal will bring to a close an era of family control over the newspaper, which played a defining role in U.S. coverage during the Watergate era. However, the broadsheet began to struggle to maintain its influence with the onset of online media, the Financial Times said.
"Mr Bezos is making his first foray into print journalism in a personal capacity but the arrival of a deep-pocketed digital entrepreneur could shake up the Post and the wider newspaper sector," the article read.
The deal marks another leading U.S. newspaper being bought off by a wealthy entrepeneur, Youm7 reported.
The New York Times this week sold the Boston Globe newspaper for $70 million to Boston Red Sox baseball team owner, John Harry.
Warren Buffett, former director of the Washington Post, has added to his portfolio a number of local newspapers in the past two years, Youm7 added.
Bezos bought the Washington Post newspaper along with some of its subsidiaries. The agreement does not include the headquarters of the Post and the online journal, or Foreign Policy magazine. The Washington Post Company, which owns Kaplan educational group will also change its name, according to Youm7.
