Sometimes Family Business Should Be Sold

The Turnaround Authority

It was shocking news. After eight decades of ownership, the Graham family sold The Washington Post to Amazon founder Jeff Bezos for $250 million. The announcement stunned everyone, from The Post employees to the media industry.

You have to hand it to them. They kept their courtship of several potential buyers and the impending sale a secret, despite employing some of the best investigative reporters in the country.

Publisher Katharine Weymouth, who is Katherine Graham’s granddaughter, wrote to the staff, “This is a day that my family and I never expected to come. The Washington Post Company is selling the newspaper it has owned and nurtured for eight decades.”

bezos_washingtonpost_0805Her uncle, Donald E. Graham, Chairman and CEO of The Washington Post, said, “I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another…

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