The Washington Post Company (WPO) Joins the 21st Century

Ultimately, what makes the Bezos acquisition of the Post so gripping is the tantalizing prospect that a non-media maverick can find a way to create profits and breathe life into something that has been as moribund as a newspaper enterprise. Yes, the Post has a great brand name in journalism — thanks, as ever, to its legacy of busting open the Watergate investigation of President Richard Nixon in the early 1970s.

But the Post has not been able to come up with a business formula to capitalize sufficiently on its legacy as a great newspaper of reporting and opinions.

Not, mind you, that the Post is unique in experiencing this quagmire. Just before Bezos gobbled up the Post, investor and Boston Red Sox owner John Henry took control of the proud old Boston Globe for a mere $70 million.

Meanwhile, whether the New York Times’ management likes it or not, speculation continues to swirl that New York Mayor Michael Bloomberg, who already controls Bloomberg LP, one of the most respected news-gathering operations in the world, will try to acquire the Times not long after he leaves office on Dec. 31.

Maybe history will show that these wealthy entrepreneurs, like Bezos, helped save the U.S. newspaper industry with whatever bold initiatives they can concoct. One thing is for sure: What the dynasties, such as the Sulzbergers of the New York Times and the Grahams of The Washington Post Company (NYSE:WPO), tried to do to come to terms with the digital revolution didn’t pay off.

In an era when companies like Google and Apple are helping to redefine what a media company can look like — in terms of presenting and delivering content to a large audience of people — brash new ideas are required.

This has been a tumultuous time for The Washington Post Company (NYSE:WPO). Right now, confusion abounds. Nobody can say definitively what Bezos will do, or whether his grand strategy will work.

Perhaps, just perhaps, the next time Mr. Bezos goes to Washington, mirroring Jimmy Stewart’s famous movie role, he will be greeted as a conquering hero.

The article Washington Post Joins the 21st Century originally appeared on Fool.com and is written by Jon Friedman.

Fool contributor Jon Friedman has no position in any stocks mentioned. The Motley Fool recommends Amazon.com, Apple, and Google. The Motley Fool owns shares of Amazon.com, Apple, and Google. 

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