off the record
Around the town
Almost as surprising as news of Jeff Bezos’s $250 million purchase of the The Washington Post was the fact that both sides kept the deal under wraps for months without a leak.
Few in the media world even knew that the Post, which has been owned by the Graham family for four generations, was up for sale—even as the paper was quietly peddled to several possible investors.
In The Washington Post’s first of many articles on the deal, Donald Graham, the Post Co.’s chief executive, said that several months ago he had hired investment firm Allen & Co. “to shop the paper” around “with extraordinary secrecy.”
All the President's Men
Glenn Greenwald, the Guardian journalist who broke the news of the National Security Agency’s extensive spying, has a book deal. He’s writing a book about government surveillance, which will be published in March. (The Hollywood Reporter)
The American Journalism Review, whose editor recently left for USA Today, is killing its print edition. Read More
The Washington Post Company is getting into the healthcare sector, they announced today. The newspaper company will acquire a majority stake in Celtic Healthcare, a home healthcare and hospice services provider. The purchase price was not disclosed.
“Our acquisition of Celtic Healthcare is part of the Post Co.’s ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon,” Donald E. Graham, chief executive of The Washington Post Co., said in a statement.
The Washington Post Co. reported third quarter earnings of $60.9 million on Friday, up from $17.1 million last year for a whopping 256 percent earnings increase, but there’s trouble on the horizon at the company’s cash cow, Kaplan Inc.
Much of WaPo’s revenue comes from Kaplan’s online college and tutoring business, which had revenues of $743.3 Read More
The Wall Street Journal reported this morning on Washington Post Co. chairman Donald Graham’s recent hands-on approach to Kaplan, his money-making college test prep business (they issue degrees now, too). There was one line — sort of a timely reminder — halfway into the piece:
In the two most-recent fiscal years, Post Co.’s Read More
The Washington Post Co. has batted down Avenue Capital Group’s bid on Newsweek over concerns about some of the company’s other investments, according to the Wall Street Journal and Memo Pad. Even though the private equity shop’s bid was said to be one of the largest, The Post got itchy over Read More
One of the places Dave Weigel stopped after his exit from the Washington Post was Slate, and Michael Calderone writes today that Mr. Weigel has now signed a one-year contract with the Washington Post Co.-owned site. Mr. Weigel will keep a blog about the conservative movement as he did for the Post, Read More
Here’s a curious coda to l’affair Journolist: though David Weigel was squeezed out at The Washington Post for appearing overly liberal in his posts to the off-the-record listserv, the Washington Post Company apparently has no problem with him writing for their online magazine Slate.
His story today, “Bouncers for the Read More
On the Market
Buying Newsweek just got a bit more complicated. Washington Post chairman Donald Graham nixed bids from two parties interested in Newsweek—conservative publisher Newsmax Media and hedge-funder libertarian Thane Ritchie—because they are not proper “stewards for the magazine,” according to The New York Times.
Last week bids from a partnership of two Chinese Read More
We wondered why The Washington Post Company had decided to move Newsweek out of the Tribeca office that the title moved into only a year ago and here’s why: The magazine is up for sale.
Newsweek has been part of the Washington Post Company since 1961. Allen and Company will help Donald Graham make the Read More