(Reuters) – Donald Graham, the chairman and CEO of The Washington Post Co, started talking to Amazon.com’s Jeff Bezos less than a month before cinching a $250 million deal to sell the flagship newspaper to the tech entrepreneur.
“I asked him why he wanted to do it and his reasons are the best ones: he believes in what newspapers do and what the Post does and that it’s important to the country,” Graham said in a phone interview on Monday.
(Reuters) – Amazon.com Inc founder Jeff Bezos will buy the Washington Post newspaper for $250 million in a surprise deal that ends the Graham family’s 80-year ownership and hands one of the country’s most influential publications to the tech entrepreneur.
Bezos, hailed by many as a visionary who helped transform Internet retail, called his acquisition a personal endeavor and reassured Post employees and readers he will preserve the paper’s journalistic tradition, while driving innovation.
NEW YORK, Aug 3 (Reuters) – The New York Times Co
has agreed to sell The Boston Globe to the principal owner of
the Boston Red Sox baseball team, John W. Henry, for $70 million
in cash, ending its 20-year ownership of the paper.
The transaction announced on Saturday includes the Worcester
Telegram & Gazette, related digital properties of both papers,
and a direct mail marketing company.
(Reuters) – Viacom Inc reported a 14 percent rise in third-quarter revenue on Friday as the media company posted strong advertising and affiliate fees for its television shows and doubled its share repurchase program.
Shares of Viacom jumped 6.3 percent to $79.05.
The company, which owns cable networks MTV, Comedy Central and movie studio Paramount Pictures, expanded its share buyback program to $20 billion from $10 billion.
Aug 1 (Reuters) – New York Times Co reported on
Thursday that second-quarter revenue fell almost 1 percent as
gains in subscriptions to its flagship and other newspapers
could not offset declines in advertising.
But the company, which publishes its namesake newspaper, the
Boston Globe and the Worcester Telegram & Gazette, also posted a
better-than-expected profit, and its shares rose 2 percent in
July 30 (Reuters) – Thomson Reuters on
Tuesday posted a 2 percent rise in second-quarter revenue on the
strength of its legal and tax and accounting businesses and
reaffirmed its forecast for 2013.
The global news and information company expects revenue to
grow in the low single digits for the year, and sees underlying
operating profit margin between 16.5 and 17.5 percent.
(Reuters) – Sinclair Broadcast Group Inc said it will acquire eight television stations from the Allbritton family for $985 million, the latest deal in a flurry of activity to buy local broadcasters.
Allbritton, which is also the publisher of Politico, has 9 ABC affiliated broadcast TV stations, including those that simulcast in markets throughout the United States, including Birmingham, Alabama, and Tulsa, Oklahoma. It also operates a 24-hour cable news network in Washington, D.C., considered the jewel of the portfolio.
SAN FRANCISCO/NEW YORK (Reuters) – Facebook Inc’s mobile advertising success offers a ray of hope for Internet companies trying to make money within the confines of the smartphone’s small screen.
The social network’s 75 percent surge in mobile ad revenue in a span of just three months not only doused skepticism on Wall Street and Madison Avenue about Facebook’s business prospects, some say it could serve as a how-to guide for other Web companies navigating a world where the phone and tablet have fast become the screens of choice.
(Reuters) – AOL Inc plans to host an “upfront” advertising event aimed at selling online ads through electronic exchanges, making a big bet that the buying and selling of ads will increasingly be handled by machines.
Known in the ad industry as “programmatic,” electronic exchanges allow advertisers to bid on and place ads on a variety of websites – for example, on AOL’s Huffington Post.
(Reuters) – Time Warner Inc (TWX.N: Quote, Profile, Research) said it named a new chief executive to head its magazine titles People, Sports Illustrated and Time, which will soon be separated from the media conglomerate.
It tapped Joseph Ripp, a former Time Inc and AOL executive, to become CEO effective September.