On August 5, 2013, the Web, print media and air waves dominated the news of billionaire Jeff Bezos of Amazon is spending $250 million of his own money to buy the Washington Post. The Post as many call it is faced with dwindling subscriptions and ever decreasing revenue. Within the last five years its revenue dropped by more than 44 percent.
Bezos is not new or reluctant to buy troubled assets. His Amazon has a collection of those which he bought over the years. So, why he is using his own money to buy a declining business? For one thing he loves books and publications, according to many who are familiar with him. He require written synopsis of things to be discussed in meetings at Amazon. Bezos himself is involved in developing new media as one can see from Amazon’s Kindle.
Bezos future plans for the Washington Post have not been declared yet. Many believe that he will allow the paper to be run by its current staff. He is encouraging new ways to improve the Post. Like in Amazon he may come up with new ways to direct new media at a time print media is becoming a thing of the past.