this post was submitted on 08 Jun 2024
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News

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[–] tal@lemmy.today 14 points 2 months ago* (last edited 2 months ago) (2 children)

Yeah. Though...reading the numbers, it sounds like it was a pretty bad buy.

https://en.wikipedia.org/wiki/The_Washington_Post

In October 2013, the Graham family sold the newspaper to Nash Holdings, a holding company owned by Jeff Bezos, for $250 million.[7]

https://www.nytimes.com/2023/07/22/business/media/jeff-bezos-washington-post.html

The Post is on a pace to lose about $100 million in 2023, according to two people with knowledge of the company’s finances

That's a pretty large amount of money to be losing each year relative to the value of the company.

[–] solrize@lemmy.world 19 points 2 months ago (1 children)

You could think of it as an expenditure (to control or at least steer the wider media narrative about news events) rather than a loss. $100/M for that is a pretty good deal, and quite affordable if you are Bezos.

[–] Riccosuave@lemmy.world 8 points 2 months ago

It is quite literally about 24 hours worth of income for ol' Jeff B.

[–] ChicoSuave@lemmy.world 4 points 2 months ago

100 million a year for someone who has hundreds of billions. Yeah, he probably doesn't mind.