Amazon Founder Buys Washington Post for $250M

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The man who founded Internet giant is now buying one of the biggest names in American newspapers.

Amazon Founder and CEO Jeff Bezos has struck a deal to buy the Washington Post and other newspapers for $250 million. The move came as a complete surprise.

The Post, like most newspapers, has been losing readers and advertisers to the Internet.

Bezos said last year he was certain there wouldn't be printed newspapers in 20 years. Analysts are already speculating on how Bezos might help the Post make money.

The sale of the paper came just two days after the owner of the Boston Red Sox bought the Boston Globe.

Billionaire John Henry purchased the Globe for $70 million, a 93 percent drop from its price of $1.1 billion two decades ago.

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