Jeff Bezos’ Washington Post to lose $100M this year, 40% of its purchase price.
The Washington Post Faces Significant Losses, Threatening Bezos’ Investment
The Washington Post, a renowned newspaper acquired by Jeff Bezos almost a decade ago, is projected to suffer a staggering $100 million loss in 2023. This amounts to nearly 40 percent of the $250 million Bezos initially paid for the company.
According to a report from The New York Times, one of the main reasons behind this decline in revenue is the Post’s struggle to increase its number of paying customers since the 2020 election. While the newspaper reached its peak of three million digital subscriptions during that time, it has since dropped to 2.5 million.
Bezos made headlines when he purchased this iconic broadsheet in 2013, marking one of the largest media acquisitions in American history. Following Donald Trump’s victory in 2016, the Post adopted the slogan “Democracy Dies in Darkness” and became a vocal critic of the former president’s administration.
Despite Bezos’ substantial wealth, the former Amazon CEO has struggled to reverse the Post’s declining profits. Frustrated with the company’s lack of growth, a source close to Bezos revealed that his interest in the paper had diminished.
However, the situation reportedly changed when the executive editor, Sally Buzbee, personally reached out to Bezos in January to express her concerns. The Times reported that Buzbee conveyed an urgent message about low morale at the Post, attributing it to missteps by the newspaper’s chief business executive, Fred Ryan.
Since this conversation, Bezos has taken a renewed interest in the company and its internal affairs. He even made a rare appearance in the newsroom, attending a morning news meeting and meeting with several Post journalists. During these interactions, employees expressed their concerns about Ryan’s missteps and the paper’s direction.
Ryan eventually left the company in June to join the Reagan Foundation. The circumstances surrounding his departure remain unclear, with some speculating that Bezos grew impatient and sought fresh leadership.
In response to these developments, interim executive Patty Stonesifer expressed optimism about the future of The Washington Post. She stated, ”I’m very enthusiastic about what we can do here at The Washington Post in the decade ahead. Jeff’s second decade of ownership of The Post should be even more exciting.”
Earlier this year, there were rumors that Bezos might sell the company to finance a bid for the NFL’s Washington Commanders. However, a spokesperson for Bezos denied these claims, asserting that the Post is not and has never been for sale.
Jeff Bezos’ Washington Post Set to Lose $100 Million This Year – 40% of $250 Million He Paid for It A Decade Ago: Report
The post appeared first on The Western Journal.
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