Washington Post Buys Big Stake in Christian Site

by Christopher Freeburn | July 9, 2013 11:12 am

cross e1307925491837 300x196 Washington Post Buys Big Stake in Christian Site[1]In a bid to diversify its content distribution channels, the Washington Post Company (WPO[2]) 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┬áblog, 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[3]) and News Corp.‘s (NWSA[4]) Wall Street Journal in erecting a so-called “paywall” to restrict online access to its website to paying subscribers[5]. 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[6].

Shares of the Washington Post Company fell fractionally in Tuesday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/06/cross-e1307925491837.jpg
  2. WPO: http://studio-5.financialcontent.com/investplace/quote?Symbol=WPO
  3. NYT: http://studio-5.financialcontent.com/investplace/quote?Symbol=NYT
  4. NWSA: http://studio-5.financialcontent.com/investplace/quote?Symbol=NWSA
  5. restrict online access to its website to paying subscribers: http://investorplace.com/2013/03/washington-post-to-adopt-paywall-this-summer/
  6. a $34 million loss at its newspaper division: http://investorplace.com/2013/05/washington-post-goes-up-in-smoke/

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