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With extraordinary secrecy, Graham hired the investment firm Allen & Co. Graham said he thinks the firm first made contact with Bezos in March or April. They did not resume until mid-July, according to Graham, when Bezos contacted him; the two men met twice during a conference.
“At the end of it he said he thought he wanted to go ahead,” Graham said, “but he — obviously, he and his team -- needed time to really look over the business and understand it more thoroughly.
Bezos, whose entrepreneurship has made him one of the world’s richest men, will pay 0 million in cash for The Post and affiliated publications to The Washington Post Co., which owns the newspaper and other businesses.
Graham, for example, advised Bezos about how to feature newspapers on the Kindle, Amazon’s popular e-reader.
The rise of the Internet and the epochal change from print to digital technology have created a massive wave of competition for traditional news companies, scattering readers and advertisers across a radically altered news and information landscape and triggering mergers, bankruptcies and consolidation among the owners of print and broadcasting properties.
“Every member of my family started out with the same emotion — shock — in even thinking about” selling The Post, Graham said in an interview Monday.
At times, Bezos has been openly disdainful of Wall Street’s demands for bigger quarterly profits.
He told Fortune magazine last year, “The three big ideas at Amazon are long-term thinking, customer obsession, and willingness to invent.” Under Bezos, the company’s drive into new businesses has been relentless.