As the sale of The Washington Post to Jeff Bezos by Don Graham -- supported by his family, board of directors, and his largest shareholder, Warren Buffet -- sinks in, the consensus is that a sentimental attachment to the values and traditions of the newspaper associated with its outgoing owner is less meaningful than the resources and ingenuity its new proprietor can provide. As the founder and unquestionable visionary force responsible for Amazon, Bezos's overwhelming success is a vast personal accomplishment. He began by reinventing the book business -- to the consternation, it must be said, of many who have been affected and are scrambling to meet Amazon's challenge -- and it is a good bet that he wants to do the same for struggling newspaper economics to prove that he can where others have not.
The attributes that his critics (especially among book retailers and publishers) regard as ruthless in driving Amazon are now being presented as a basis for reviving the Post and perhaps developing the model for revenue growth that other legacy news organizations can adopt. A reminder: This purchase is entirely Bezos's own, independent of Amazon.
By now there have been reams of commentary about what was a stunning development by any measure. The Washington Post and the Grahams are synonymous with quality journalism and, until very recently, maintained a thriving enterprise for as long as even its oldest readers, advertisers, and employees can remember. The adjustment to the new era will be a profound change. Yes, management for now will remain with the current team--led by Katharine Weymouth and her top editors. But Bezos is a stranger from a distant place and has no intention to relocate. In every apparent respect, his aggressive approach is unlike the venerable manner and largely conservative strategies that the Grahams pursued, even as they tried digital initiatives with frustrating results as revenue declined and print circulation plummeted.
From all that has been written so far about the sale, aside from being a reader, Bezos's relationship to the Post has been, at best, tangential, with no discernible attachment to the history and culture of what is an essential Washington institution. He and Don Graham know each other well enough to reach a deal (apparently at the annual July Allen and Company moguls confab in Sun Valley), with Graham setting a price of $250 million that Bezos accepted. But until now, the rest of the extended Post community has only received Bezos's best wishes and a pledge to assure the newspaper's future, including, at least for now, in print. As a former Post reporter and editor, I share the hope of so many others already heard from -- that Bezos will bring the money, the technical know-how, and the customer focus that will restore the Post's depleted confidence in its future; and with it the Post's invaluable journalism will flourish, bringing it again to the forefront of the news organizations in its category, mainly now consisting of The New York Times and Wall Street Journal. Their respective controlling owners, the Sulzbergers and Murdochs, have made headway in adapting to the demands of the digital era.