Analysts claim that Jeffrey Bezos’ purchase of the Washington Post is a chance for the newspaper industry to evolve into something more relevant to the 20th century.
The Amazon founder wrote a $250 million cheque for the Washington Post and is believed to have a cunning plan to save newspapers.
In a statement, Bezos said that he is very optimistic about the future of the paper.
To many this means Bezos wants to try to change newspapers in the same way he did the book business.
The Post has seen a rapid decline in print advertising, a loss of subscribers and challenges in building up online revenue.
Bezos indicated that he wouldn’t make radical changes in editorial operations and would continue to emphasise accountability journalism.
But he said that the paper will need to “invent” and to “experiment,” focusing on the internet and tailored content, to address the changing habits of readers.
The LA Times said that this is the first time a true digital native is buying a newspaper publishing company.
It quoted Alan Mutter, a media consultant and former newspaper editor, as saying that Bezos had the means, motive and opportunity to re-envision what it means to be a newspaper in the digital era.
Bezos will own the Post outright, buying it with his own money, not Amazon’s. By taking it private, he won’t be subject to shareholders who want a quick buck.