Increased competition from the internet for advertising revenues was a main motivation behind the sale of Washington Post newspaper assets, according to the paper's story Monday announcing the sale.
The Post cited out the "financial turmoil that has engulfed newspapers" in the rise of the internet and the "epochal change from print to digital technology."
"The Post could have survived under the company's ownership and been profitable for the foreseeable future. But we wanted to do more than survive," chief executive Donald Graham said in an interview with his flagship publication. "I'm not saying this guarantees success, but it gives us a much greater chance of success."
Jeffrey Bezos, founder of the world's largest online retailer Amazon.com, is buying one of the flagships of a US newspaper industry that is crumbling in the internet age. The newspaper division has "suffered a 44-per-cent decline in operating revenue over the past six years," the Post wrote.
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