There's No Better Owner for a Newspaper Than Jeff Bezos
There's a parallel to draw between Cramer's emergence as a financial media hall of famer and Amazon.com
If you read Cramer's Confessions of a Street Addict or a November 2012 blog post by "Downtown" Josh Brown , you might know where I'm going with this. Here's what Brown said about Cramer and TheStreet
James Cramer and TheStreet.com invented the financial web. Invented, as in It wasn't there before they put it there ... TheStreet quickly became what I have called the Motown of the Financial Web. It all started with TheStreet and almost every great writer who's ever covered the market has been through there.
Just as we can look back and, for all intents and purposes, say Jeff Bezos "invented" e-commerce, we will, one day, remember his purchase of WAPO as the day Bezos reinvented the newspaper business -- and more broadly -- journalism on a grand scale.
Don Graham is no idiot. Recall that he and Facebook
But, to his credit, Graham clearly knew he and his family were in over their heads with the newspaper. He said as much in WAPO's news story on the subject:
... we (want) to do more than survive. I'm not saying (Bezos buying the newspaper) guarantees success, but it gives us a greater chance of success.
This is exactly the approach brick and mortar retail refused and, amazingly, still refuses to take as Amazon.com renders it increasingly irrelevant. Jeff Bezos will help the folks at the Washington Post view the "newspaper" business -- and journalism -- the way brick-and-mortar retail should view "retail." The way television now views "television." These terms -- retail, newspaper, journalism, television -- mean absolutely nothing, at least from conceptual and practical standpoints. There's sentimental value and nostalgia left, but that's about it.