In a bid to diversify its content distribution channels, the Washington Post Company (WPO) says it will invest in a religious website.
The publisher of the iconic Washington Post newspaper is taking an unspecified stake in FaithStreet.com, a Christian website that helps believers locate churches for worship or counseling. In exchange for the investment, FaithStreet will host the Post‘s On Faith blog, which is edited by Post writer Sally Quinn, Bloomberg notes.
Earlier this year, the Washington Post announced that it would join other major newspapers, including the New York Times (NYT) and News Corp.‘s (NWSA) Wall Street Journal in erecting a so-called “paywall” to restrict online access to its website to paying subscribers. The paywall was expected to launch some time this summer.
In May, the Washington Post Company posted poor quarterly results, including a $34 million loss at its newspaper division.
Shares of the Washington Post Company fell fractionally in Tuesday morning trading.