Lee: No One Saw This Coming

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

August 5 (Bloomberg) -- Bloomberg's Edmund Lee discusses Jeff Bezos' purchase of the Washington Post with Cory Johnson on Bloomberg Television's "Bloomberg West." (Source: Bloomberg)

-- bring in edmond lee.

We all knew the washington post was not doing so well financially.

Nobody thought someone like bezos would come in and to be the white knight.

Not too long ago, he did make a small investment in "business insider," a business blog.

It's a lot more money.

Given his own personal wealth, it is still a but it's still a lot of money.

I don't know if you saw my e- mail but it went through the annual reports for the washington post and this is a money-losing industry.

This presumably leaves all the debt behind but he has the right to lose $50 million per year.

It's a huge privilege.

The washington post has had operating losses the last two years or so.

It's a nice chunk of change for "the washington post" shareholders but you have to wonder how this deal went down, who talk to first.

Bezos is probably one of the best owners you can get.

He is famously not shy about worrying about profits.

He does not worry about a media profits.

They do not have many at all.

What is the warren buffett role in all of this?

He is the single biggest outsider on the board.

He has ties to silicon valley.

He knows everybody.

He looks up to buffett.

He sees himself as an son.

Buffett advised him on how to sell it or if you should given the fact it was losing money year-over-year, quarter to quarter.

Bezos look like one of the best possible buyer is given that he does not care about a media profits would seems to be a win for both the board and shareholders.

A foreign buffett did not buy it it's because he did not want to.

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change