Bezos built bookselling site into online empire

August 5, 2013 • Business

FILE – In this Feb. 27, 2008, file photo, The Washington Post sign is seen on its building in Washington. On Monday, Aug. 5, 2013, the Washington Post announced the paper has been sold to Amazon founder Jeff Bezos. (AP Photo/Manuel Balce Ceneta, File)

NEW YORK (AP) — Over nearly two decades, Jeff Bezos built Amazon from a scrappy online bookseller into an e-commerce empire, shook up the print publishing world with the Kindle e-reader and even started a space travel company.

Now he is buying The Washington Post for $250 million, purchasing one of the nation’s most celebrated newspapers at a time when the print publishing industry is enduring steep declines in revenues and readership.

The question is, what happens now?

“There will of course be change at The Post over the coming years,” Bezos wrote in a memo to Post employees published Monday on the paper’s website.

“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,” he wrote. “There is no map, and charting a Login to read more

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