The Associated Press – U.S. Microsoft Corp. will buy about $9 billion in stock in Washington-based Washington Post Corp. as part of a $20 billion buyout of the newspaper chain, The Wall Street Journal reported Friday.
Microsoft is the largest shareholder in the Washington Post, according to the Journal.
The purchase is subject to regulatory approvals, and the newspaper’s board has yet to be announced, the Journal reported.
Microsoft is also a minority investor in the news service.
The newspaper has been under intense scrutiny in recent weeks as its management team struggled to navigate the fallout from the mass shooting at a gay nightclub in Orlando, Fla.
The company has blamed the shooter, Omar Mateen, for shooting the 49 people who were attending the Pulse nightclub on Friday night.
The Post is the third-largest publisher of print and digital content in the United States, behind the New York Times and the Wall Street Post, the company said in a statement to Reuters.
The newspaper is the biggest U.K. daily, with more than 6 million readers.
The company will own about 16.6 percent of the company.
Microsoft owns about 22.7 percent of The Post.
The stock closed Friday at $28.71.
The Journal reported the deal will pay for $2.9 billion of acquisitions, including acquisitions of digital-only properties and other businesses.