Amazon.com Inc. Chief executive Jeff Bezos said in an interview his management approach in Amazon would be applied to The Washington Post (The Post) in the hopes of turning the US daily newspaper's business around.
The Post, founded in 1877, is the oldest newspaper within the Washington area. Its content focuses mainly on national politics and had earned 47 Pulitzer Prizes. Before the sale, it was owned by The Washington Post Company, who also owns Kaplan Inc. and other ventures in media.
Interviewed by the same newspaper after his USD250 million acquisition announcement, Bezos said the foundation of Amazon's success lies on three ideas: put the customer first, invest, and be patient. Also discussed in the interview was what would be his major contribution to the evolution of The Post as a business. Bezos also expressed that he hoped his USD250 million investment would help the newspaper's management come up with a way to deliver the news while earning shareholder value.
Bezos would be visiting the newspaper's headquarters in Washington on Tuesday and Wednesday. The sale of The Post to Bezos would be finalized next month.
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