New media is continuing to blend in interesting ways with old-line enterprises following the latest high-profile periodical sale. Washington Post (NYSE:GHC)announced today that it has signed a contract to sell its newspaper publishing business, which includes its namesake publication, to Amazon.com founder and longtime CEO Jeff Bezos. The price is $250 million, subject to "normal" working capital adjustments. The price will be paid at the closing of the deal, anticipated for later this year.
In the press release announcing the news, the company stressed that the Bezos-fronted entity acquiring the properties is not Amazon.com, and the high-profile executive is making the purchase "in his individual capacity."
For his money, Bezos will own the Post, the Express newspaper, the Gazette and Southern Maryland newspaper groups, Fairfax County Times, El Tiempo Latino, and Greater Washington Publishing. He has asked the top management of the The Washington Post -- including CEO and Publisher Katharine Weymouth, and Executive Editor Martin Baron -- to remain in their positions.
Other noted properties such as the Slate online magazine and Foreign Policy, are not part of the deal and will remain in the hands of The Washington Post Company. The company said it will change its name following the divestment of its signature publication; the new name has yet to be announced.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Amazon.com. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.