David Remnick writes:

It’s truly impossible to keep up, isn’t it?

Last week—after the Wall Street Journal broke more news about the Trump family’s dodgy crypto-business dealings and before the President shared a racist video of the Obamas depicted as dancing apes—the Amazon entrepreneur Jeff Bezos decided that one of his smaller properties, the Washington Post, has proved such a drag on his two-hundred-and-thirty-billion-dollar fortune that prudence required that he obliterate much of its newsroom.

Early in his proprietorship, Bezos endorsed a new motto for the paper: “Democracy Dies in Darkness.” It turns out that one of democracy’s most celebrated media institutions can be strangled in broad daylight. On Wednesday, Bezos and the paper’s leadership fired a third of the staff. They shuttered or vastly reduced an array of sections. Lizzie Johnson, one of the Post’s leading foreign correspondents, received her digital pink slip while working in the war zone of Ukraine. Bezos did not offer his staff the decency of a public explanation, much less a gesture of generosity or regret. The publisher and C.E.O. Will Lewis did not appear on the “webinar” at which the cuts were explained to the staff. He did, however, manage to head off to the Super Bowl festivities. By Saturday evening, Lewis had resigned. His work was done. He will be succeeded by the paper’s chief financial officer, Jeff D’Onofrio, who has held posts at Tumblr, Google, and Yahoo.

As someone who worked happily at the Post for a decade a long time ago, and as an ardent reader of the paper, I am sick about all this. I feel like someone forced to watch an arsonist torch the house he grew up in. I cannot imagine how it must feel for the current staff and the hundreds forced to leave. If that is sentimentality or worse, well, then guilty as charged. The loss is terrible, the behavior is beyond heedless. The reporters and editors who remain at the Post will undoubtedly go on doing honorable work, but they must now do so for a proprietor who shows them no respect. And that is no way to live. (Ruth Marcus, a writer and editor at the paper for more than forty years, brings home superbly the anger and the sadness of the situation.)

Over the years, in these pages, I’ve written about both the former owner Katharine Graham and Ben Bradlee, the paper’s Watergate-era editor; for all their complexities, these were figures who built a great newspaper out of a mediocre one, who developed an institution that worked not only in the interest of financial gain but of democratic vitality. That standard of quality endured, but, by 2013, Don Graham, a decent man and a devoted publisher who inherited the leadership of the company from his mother, came to realize that the revolutions in technology and the declines in advertising were so severe that he no longer had the capacity to invest effectively in the paper. After a long search, he sold the Post to Bezos, a vastly wealthier owner who promised to be an effective custodian.

For a while that worked; under Marty Baron, the paper was fiercely competitive, and thrived during Trump’s first term in office. Bezos was a decidedly detached owner, but he gave the newsroom what it needed and invested in both journalism and the technological support it requires. But during the Biden years, readership declined and, by 2024, as Trump headed toward a second election victory, Bezos clearly reassessed his interests and his sense of risk. His timidity prevailed. He quashed the paper’s impending endorsement of Kamala Harris. He sat in Oligarch Row at the Inauguration. He instructed the Opinion section to set a new, more conservative course. These were his prerogatives, many argued, but they were hardly wise. With every move, more subscribers fled—surely one of the worst own goals in the history of the news business.

Undoubtedly, Bezos believes that all the criticism that has come his way is naïve, self-righteous, and terribly unfair. How could his critics possibly understand the business the way he does? In some sense, every aggressive story on the Administration that the paper publishes allows Bezos to tell himself that he has not retreated at all.

For the sake of financial and moral context, perhaps this is as good a time as any to remind ourselves of the maritime interests of the Post’s proprietor. Some commentators have mentioned that Bezos, in order to better support the Post, might have held on to the tens of millions of dollars he spent to bankroll “Melania,” a documentary portrait of the First Lady worthy of a long run at the Pyongyang Cinematheque. Cooler financial heads will contend that this is a cheap point. The Post’s losses are more significant. And they are right. Better then to turn to one of the Amazon founder’s more expensive recreations, his 125.8-metre, three-masted sailing yacht, Koru. (No need to get into the details of Abeona, the seventy-five-million-dollar “shadow boat” that trails Koru and provides a helipad and adequate space for extra staff.)

Koru cost an estimated five hundred million dollars. This is double what Bezos paid for the Washington Post. Annual maintenance runs tens of millions of dollars. It is, to be sure, a very special boat. According to Architectural Digest, “Bezos’s superyacht has a classical style, with a navy-blue steel hull and a two-level white aluminum superstructure. The ship’s teak decks include spots for outdoor lounging as well as three Jacuzzis and a swimming pool. Robb Report notes that the hull features traditional portholes, while the upper deck windows are smaller than typical, which might help to foil paparazzi trying to capture guests inside.” If that information about the boat is not galling enough, there is more: the Journal published a story on Friday by Richard Rubin headlined “Trump’s New Tax Law Saved Amazon Billions.” But the Ukraine correspondent had to go. [Continue reading…]