Last week we reported that Amazon was reportedly spending $700 million to develop its own smartphone, the Fire Phone.
Since then, five tech firms have submitted bids to buy The Information’s parent company, Verizon Communications, which is looking to offload the publication as it seeks to focus more on its core wireless business.
And it turns out Amazon’s bid was highly competitive. The Internet behemoth’s $5.5 billion in cash was far higher than its nearest competitor, which included a potential bid from British telecoms company Sky, which was offering around $2.4 billion in cash, according to a report.
The Information reports that the three bidders that made the strongest offers are expected to take the highest position in the sale, which is due to close in coming weeks. A team of Verizon directors is now going over the submissions ahead of making a final decision on a winner.
Amazon’s involvement has taken some of the heat off Verizon, which has to pay $15,000 a day to avoid bankruptcy and offers a departure from the print industry, the only reason the media publication is still standing. And with its reported bid in line to receive a title within the $2.4 billion group, the tech giant will come away the biggest winner in the process.
However, few details on Amazon’s proposal have been made public, and it’s likely that Verizon executives will be looking to try and regain control over The Information after a tumultuous period for the publication. In its two-decade history, the publication has become well known for its investigative reportage, breaking stories on subjects such as the National Security Agency’s sweeping data collection programs and private prisons.
Read the full story on Refinery29.
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