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“To be clear, Bezos isn’t a lonely white knight riding proudly to the rescue. The Grahams actively shopped The Washington Post to at least six suitors before deciding that Bezos was the best fit for the conundrum so many legacy publishers are facing themselves: How to create scale to invest in innovation when revenues are declining or flat?” Mr. Wilkinson asked.

“We must change our industry culture to become companies that can generate innovations, ramp them up, monetize them, be willing to shut them down when the life cycle is complete, and continuously repeat that process.”

Other observers had mixed reactions.

“The Washington Post, under Bezos’ ownership, obviously isn’t going to be able to restore or re-create anything remotely resembling an old-school newspaper-style monopoly,” said Advertising Age columnist Simon Dumenco in his analysis noting Amazon’s history of crushing competitors.

“I think it won’t be long before we see Bezos’ Post doing things that are just wonderful for the Post, but terrible for journalism as a business,” he wrote.

Washington Post Co. stock hit a five-year high Tuesday, closing up 4.3 percent to $593.