Most have heard by now that Amazon Head Honcho, Jeff Bezos, has bought The Washington Post newspaper for a cool $250 million smackaroos 🙂
I suspect that Mr. Bezos might have a nostalgic soft spot, as do I, for the dynamic, constant deadline publishing style of newspaper journalism; but, his interest in a print newspaper probably goes to a higher motive than just nostalgia.
He does want to become a big media player as evidenced by his current involvement in streaming movies available to its Prime members in an ongoing competition with Netflix — and Bezos’ Kindle has been delivering videos, music, news and books; a media-consuming tablet put in-place to push device sales.
BUT, can he save a print industry plagued by declining print advertising sales? OR is he going to redefine that revenue source with something entirely different (imagination needed here)? Remains to be seen.
Don’t forget, though, that Bezos is somewhat of an advertising guru himself — just look at the money he attracts with Amazon (which is detailed and tracked more by eMarketer in tonight’s feature news article drawn from USA Today).
He is also interested and has ambitions in many things outside of Amazon, retailing and books. Bezos is still heavily involved in his 2000 startup, Blue Origin, which intends to provide a human spaceflight company for space exploration — with a goal of developing space hotels, amusement parks and colonies for several million people orbiting the Earth.
High ambitions, indeed!
Amazon’s Bezos: Retail revolutionary, news tycoon?
Amazon founder Jeff Bezos has done a number on brick-and-mortar retailers, defied Wall Street for years in eschewing profits for growth, taken on Apple in tablets and now holds a new title: newspaper owner.
Amazon’s CEO agreed to acquire The Washington Post for $250 million today.
The 49-year-old Bezos — who is famous for a honking laugh and gregarious nature — is No. 19 on Forbes‘ list of the world’s richest people, with a net worth of $25.2 billion. Bezos started Seattle-based Amazon in 1994 as a bookseller and rapidly expanded its categories and has swallowed many more.
Bezos is not the first billionaire to become a major media player. AOL founder Steve Case merged AOL with Time Warner. Facebook co-founder Chris Hughes picked upThe New Republic. And IAC/InterActiveCorp CEO Barry Diller bought Newsweek, which ceased printing last year. Given how troubling advertising has been to publishers, Bezos has his work cut out.
“The Internet is transforming almost every element of the news business: shortening news cycles, eroding long-reliable revenue sources, and enabling new kinds of competition, some of which bear little or no news-gathering costs,” Bezos said in a letter to Washington Post staffers.
Bezos has already displayed a proclivity for endeavors far outside of the confines of e-commerce.
One of his interests is space exploration. He captured the public’s fascination with his startup Blue Origin, a “human spaceflight company,” with a goal of developing space hotels, amusement parks and colonies for 2 million to 3 million people orbiting the Earth.