Q: In this task, you are given a text of many news articles seperated by special token "|||||". Your task is to summarize them.

  
 Picture this on a Kindle. 
  
 If Don Graham were not such a serious person, his announcement this afternoon that Jeff Bezos was purchasing his family's company might have seemed like a joke. The Post seems so very old media for the phenomenally innovative tech entrepreneur. And it's true, Jeff Bezos has a very whimsical attitude when it comes to his personal stable of acquisitions--maybe he just wanted a newspaper to even it out a bit. 
  
 But Alan Mutter, who knows the media business and the tech world better than most, thinks there are many ways in which buying a legacy newspaper makes all the sense in the world for the Seattle-based billionaire. Bezos hasn't talked yet about his future plans for the company, but from what we know, it's fair to speculate a bit. 
  
 First of all, don't be deceived by the fact that Bezos is buying it himself, rather than Amazon--there's little reason to believe this is a passion project. It just would've been tricky to make it a public takeover, because corporations don't know how to value a newspaper's future earnings. And besides, though the markets have been remarkably patient with Amazon's continued losses, a money pit like the Post would've been harder to stomach. 
  
 "If Jeff Bezos had bought it with Amazon's money, the shareholders would've killed him," Mutter says. "But if he owns it, he can use all the tools that are available to Amazon. And if he does something with the Washington Post brand that advances the story for Kindle or Amazon Prime, they aren't going to mind." 
  
 Another clue: $250 million, though less than what a lot of other things cost, is a lot of money for a company with a lot of liabilities (the Boston Globe, which serves a similarly-sized region, sold for $70 million over the weekend). 
  
 "The Grahams are probably the last people in the world who'll make money selling a newspaper," Mutter says. "He overpaid. And why would he overpay? He sees the value in a brand that far surpasses what he's looking at today." 
  
 So how's that going to happen? A few ideas. 
  
 1. The Post's website--which it's fair to expect will be overhauled--could be a major new sales and advertising platform. "Newspaper publishing companies being agents of commerce is a major new opportunity in Bezos world," Mutter says. "He invented e-commerce, you don't think there's going to be e-commerce on every page of The Washington Post?" 
  
 2. It's good to know things about your customers. Especially your readers. Most media companies watch where their readers come from, but Amazon has taken audience tracking and predictive analytics to a whole different level in order to figure out what they might want to buy. Integrating a news service, just like a book discussion site, could provide even more data. 
  
 3. Content still matters, and so does reputation. Amazon's biggest foray into content so far isn't Business Insider. It's Amazon Publishing, which has put out hundreds of books under several imprints. The problem is, it's still hard to attract the best authors to an upstart internet banner, when they can still gain the imprimatur of a Farrar Straus & Giroux or a HarperCollins. "The early adopters of a straight-to-digital publishing model are not going to the the first-rate producers. Hillary Clinton is not going to publish her memoir with Amazon," Mutter says. "There are all kinds of ways in which content will find its way to the digital marketplace, but it's going to take a lot before the creme de la creme goes digital first. And frankly, that's something that they have to work on." 
  
 4. The future is video. Amazon Instant is a draw to the company's Prime service, and The Washington Post could become a credible outlet for more original news content, which it's already started producing. 
  
 5. Amazon owns the modern means of digital distribution. "He can just make The Washington Post the default app on every Kindle," Mutter says. That would give the paper a visibility advantage few other news outlets can claim. 
  
 6. Amazon also owns the modern means of physical distribution. It's tempting to think that because Bezos created an online juggernaut that has eviscerated legacy industries, he would quickly dispatch with the Post's print product. But Amazon is also probably the most efficient physical delivery system the world has seen, and print advertisements still generate a lot of the Post's revenue. He could put a print copy in every package, and have a circulation of millions. 
  
 For all these reasons, the Post doesn't need to generate revenue like it's supposed to have done for its whole life (and largely failed, propped up by a lucrative education business). Instead, it can complement and amplify other regions of Amazonia. "We're in a post-profit era for newspapers," Mutter says, noting the not-entirely-economic reasons behind recent rich guy purchases of the Globe and the San Diego Union-Tribune, not to mention the Koch brothers' interest in the L.A. Times. 
  
 We still don't know what the Post means for Bezos. But it could very well be one piece of a much larger profit puzzle. 
  
 * This post has been updated to remove a word that offended some readers, and to more accurately characterize Kaplan, Inc. ||||| Jeff Bezos is an investor in Business Insider, so in the wake of news that he's buying the Washington Post, folks have been asking me two questions: 
  
 The answer to the first question is that it's great to have Jeff Bezos as an investor. Any company that cares about building great products and services and long-term value could not ask for a better backer. He's patient and brilliant and he leads by example: If you ever have a question about how you should do something, you just look at Amazon. 
  
 Unlike the typical financial investor, moreover, Jeff Bezos really is focused on the long term. Whenever there's an opportunity to reinvest would-be profits today in an exciting project that might pay off tomorrow, Jeff Bezos will take it. And when he's an investor in your company, you'll feel like you should take it, too. 
  
 So, anyone rooting for the Washington Post to transform into a successful digital business should be thrilled that Jeff Bezos is buying it. 
  
 (Anyone hoping the Washington Post will never change, meanwhile, should find some other status quo to cling to. The status quo at the Post is dying with or without Bezos.) 
  
 As to the second question, why Jeff Bezos is buying the Washington Post ... 
  
 I don't know. 
  
 But I'm happy to speculate. 
  
 First, I'd guess that Jeff Bezos thinks that owning the Washington Post will be fun, interesting, and cool. And my guess is that, if that is all it ever turns out to be, Jeff Bezos will be fine with that. This is a man who invests in rockets and atomic clocks, after all. He doesn't necessarily make these investments for the money. Or bragging rights. Or strategic synergies. 
  
 Second, I'd guess that Jeff Bezos thinks that there are some similarities between the digital news business and his business (e-commerce) that no one in the news business has really capitalized on yet. 
  
 What similarities? 
  
 Well, for one thing, digital news and e-commerce businesses can be something that no traditional competitor can be: infinitely broad and infinitely deep. Stores and traditional media properties are limited by space constraints: They either have to be specialized, like Best Buy or Automotive Week, or, generalists, like Wal-Mart or the current Washington Post. Digital businesses don't have those constraints. They can be both broad and deep. 
  
 Another similarity is that digital news and e-commerce businesses can be deeply personalized. Just as every return visitor to Amazon sees a different front page, every return visitor to a news site can be presented with a different story selection. 
  
 A third similarity is that, in commerce and media, you don't have to own the whole market to do well. Tech businesses tend to be winner-take-most. Media and commerce, meanwhile, are vast, fragmented markets in which a small share can eventually become a big business (so you don't have to totally dominate to win). 
  
 Lastly, I'd guess that Jeff Bezos thinks there are many ways in which the news business might be complementary to Amazon. 
  
 How might the news business be complementary? 
  
 1. Amazon is already in the content production and distribution business — and news is just another kind of content. Amazon distributes massive amounts of print and digital content. The content the Washington Post publishes and distributes could be bundled or distributed with that content. And, similarly, the content that Amazon produces — mainly commerce-related, but increasingly media — could be integrated with the Washington Post's content, offering more choices for customers and consumers. 
  
 2. Amazon is already in the subscription and media-gadget businesses. Subscribers to Amazon's "Prime" delivery service already get to watch free movies and TV shows. Amazon Kindle buyers already have access to free books. It's easy to imagine that Prime subscribers and Kindle buyers will soon have convenient, free access to the Washington Post — and that this access might make a Prime subscription or Kindle ownership more valuable. Washington Post reporters, meanwhile, could produce an endless supply of e-books and Kindle Singles. 
  
 3. "News" is the digital equivalent of a high-traffic intersection: As people pass through to figure out what's happening they might also stop to do some shopping. Content and commerce companies have long dabbled with combining the two experiences, but no one has really nailed it. Given Amazon's expertise in affiliate marketing and advertising, it's not hard to imagine that the Washington Post could quickly become a laboratory for the next generation of integrated content and commerce. 
  
 4. Amazon is getting into the local physical delivery business — a business that the Washington Post is already in. Could stuff ordered from Amazon be delivered with your morning newspaper? Why not? And your daily newspaper — or parts of it — could certainly be delivered in a box with your Amazon stuff. I doubt that Bezos is really interested in the print version of the Post, but as long as it exists, it might be fun to fiddle with. 
  
 In short, there are lots cool synergies that Jeff Bezos and Amazon might want to experiment with. 
  
 And Jeff Bezos also appears to have gotten a reasonable deal. 
  
 Bezos is buying the Post for 0.5X revenue, or 2.5X digital revenue if you treat the print business as worthless. The digital revenue is growing. Given that the Post is currently losing about $50 million a year, Bezos' ultimate price tag may be considerably higher. But whatever he decides to do with the Post, it seems unlikely that he'll just perpetually bleed money away. |||||
A:
Jeff Bezos is a major Business Insider investor, so in the wake of the Washington Post buy, Henry Blodget has been fielding a lot of questions on what it's like to have the Amazon founder holding the purse strings. The answer? "It's great," Blodget writes. "Any company that cares about building great products and services and long-term value could not ask for a better backer." Unlike most financial investors, Blodget says Bezos is all about the long game, taking any chance to reinvest profits in exciting future possibilities. Bezos probably just thinks owning the Post will be cool, Blodget speculates. "This is a man who invests in rockets and atomic clocks, after all. He doesn't necessarily make these investments for the money. Or bragging rights. Or strategic synergies." Not that those don't exist: Amazon and the Post are both content creators, for starters, and Amazon is getting into the local physical deliveries business. Lydia DePillis at the Washington Post adds that the paper's brand will lend prestige to the fledgling Amazon Publishing, and that its webpage will be a high-traffic place to advertise Amazon's wares. "The Post doesn't need to generate revenue" anymore, DePillis writes. "It can complement and amplify other regions of Amazonia." Click here for Blodget's full column, or here for DePillis'.