Final answer:
Jeff Bezos bought and revitalized The Washington Post. His acquisition and subsequent changes to its strategy and digital technology have modernized the newspaper amidst the broader impact of corporate media mergers and shifts in traditional business models.
Step-by-step explanation:
The struggling newspaper company that billionaire Jeff Bezos bought and managed to turn around is The Washington Post. Bezos, known primarily for founding Amazon.com, acquired The Washington Post in 2013, a time when many traditional newspapers were facing challenges due to the rise of digital media and changing consumer habits. The acquisition led to significant changes at the newspaper, ranging from investments in digital technology to shifts in business strategy. These changes have contributed to the revitalization of The Washington Post, making it a notable example of a legacy media institution adapting to the modern media landscape under new ownership.
Understanding the dynamics of such acquisitions is crucial, as they highlight the influence of corporate media mergers and the importance of competition within media markets. The case of Gannett Company's acquisition of A.H. Belo Corporation demonstrates concern about market competition, which led to the Department of Justice's intervention to ensure a competitive environment. Moreover, the evolution of Amazon.com and its impact on the book selling industry underscores the transformative power a single company can have on a traditional business model.