US duo take headline roles on sale of Washington Post to Amazon chief
Cleary Gottlieb Stein & Hamilton and Cravath Swaine & Moore have taken the key roles on Amazon.com founder Jeffrey Bezos' $250m (£163m) acquisition of prestigious US newspaper The Washington Post. The takeover will see the billionaire buy the paper and several other publishing businesses in a personal capacity, as opposed to a deal led by e-commerce giant Amazon.
August 06, 2013 at 06:48 AM
2 minute read
Cleary Gottlieb Stein & Hamilton and Cravath Swaine & Moore have taken the key roles on Amazon.com founder Jeffrey Bezos' $250m (£163m) acquisition of prestigious US newspaper The Washington Post.
The takeover will see the billionaire buy the paper and several other publishing businesses in a personal capacity, as opposed to a deal led by e-commerce giant Amazon.
Cravath corporate partner Eric Schiele led the team acting for the newspaper's parent The Washington Post Company, which will change its name as a consequence of the deal.
The Washington Post Company also owns US-based education group Kaplan, which has been a key player in the UK legal education market since its London launch in 2007. The renamed company will retain ownership of Kaplan along with other assets, including the The Washington Post's New York HQ.
Fellow US firm Cleary advised the purchaser – referred to in a regulatory filing as Nash Holdings LLC – with a team headed up by New York M&A partner Paul Shim.
Chair and chief executive of the Washington Post Company Donald Graham said in a statement: "I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post. Jeff Bezos' proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post."
Bezos, who founded Amazon in 1994, has an estimated net worth of around $25bn (£16bn).
The deal comes after US media rival The New York Times sold The Boston Globe and the New England Media Group to Liverpool Football Club owner John Henry for $70m (£45.6m) earlier this week.
Henry was represented by Shearman & Sterling, which fielded a team including senior partner Creighton Condon. Morgan Lewis & Bockius advised the seller with a team led by finance partners Robert Dickey and Howard Kenny.
- Legendary Washington Post reporter Carl Bernstein is speaking at this September's Global Corporate Counsel Forum in New York. Click here for more details.
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