Digital billionaire Jeff Bezos, the founder and CEO of Amazon. Com has agreed to buy the Washington post, one of the biggest media publications in the US.
The take-over deal is worth $250 million, which Bezos will pay in cash. Washington Post has agreed to be taken over thanks to the digital revolution that is sweeping the world, and the way people are consuming news on digital platforms. Bezos however said that the ‘values’ of the Post will not change.
“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,” Bezos wrote. “There is no map, and charting a path ahead will not be easy. We will need to invent, which means we will need to experiment.”
The Amazon Growth Story
Jeff Bezos quit a Wall Street Hedge Fund company in 1994 to create Amazon.com. Initially, he was not really sure about what he would sell but he did understand the immense impact the Internet was going to make in the next few years. He decided to create an online bookstore that would help people buy books with just a click of a mouse.
The building of Amazon.com was actually on a road trip ! Bezos married his wife MacKenzie in 1993.The next year, they set off on a road-trip to Seattle, a city that is known for amazing amount of tech talents and being geographically close to a well known book distributor in Oregon. While his wife drove the car, MacKenzie created the business plan of what would become Amazon.com.
The first investors on Amazon.com were Bezos’s parents and few friends. Bezos began operating the website from his garage on July 16,1995. The first book that was sold on Amazon was Douglas Hofstadter’s Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought. Now they have come a long way, selling Harry Potter and Fifty Shades of Grey. Amazon tried out to reach every state in the US as possible in the first month, setting a momentum for a solid business. Soon, people began to visit the site and place orders. The business grew quickly than Bezos expected and now there were orders for more than books.”We actually started to get emails from customers saying, ‘Would you consider selling music, because I’d really like to buy music this way, and DVDs, and electronics?'” Bezos told the AP in 2005.
Amazon did not make profits till 1997 but it began trading publicly in 1997. Five years down the line with products like consumer electronics, compact discs, toys and accessories, Amazon.com began showing profits on the balance sheet.
The idea that germinated in 1994 created a revolution post 2010, now Amazon.com is the world’s largest online retailers. Cyber Monday, an online shopping festival of sorts which follows Black Friday, reports staggering traffic on Amazon.
Bezos’s net worth is $25 million according to the recent data provided by Forbes. He was named Time Magazine’s Person of the Year, in 1999. The charismatic businessman has been instrumental in making Amazon reach the pinnacle of popularity, he is credited with pushing ahead the concept of ebooks and digital content. The first e-Book reader to get mass acceptance, also came out from Amazon, the first Kindle version released in 2007.
Bezos has changed the way we buy products. Kindle tablets are now a force to reckon with, and Amazon is second only to Apple when it comes to downloadable music and movies.