Washington Post Co. Buys Microsoft’s Slate

Microsoft Corp. sold its popular Slate online magazine Tuesday to Washington Post Co., a move that makes Slate’s political commentary and quirky feature articles more broadly available across the Internet.

Terms of the deal were not disclosed, though Slate editor Jacob Weisberg said the amount was “a very respectable, impressive price.”

Microsoft has said Slate, with about 6 million readers monthly, breaks even financially but isn’t consistently profitable.

Microsoft has sought a buyer since the summer. Under the sales agreement, visitors to Microsoft’s MSN website will continue to be directed to Slate.

“We just came to the realization that at this stage in our growth and the development of the magazine, it made sense for us to be at a more traditional media company,” Weisberg said.

The Post, which has increasingly sought unique content for its website distinct from its published newspaper articles, said it planned no editorial changes at Slate. Weisberg will remain editor, and Slate will continue to operate offices in New York and Washington. Slate will close a small office in Redmond, Wash.

The Post already has a financial relationship with Microsoft. Its website has an alliance with MSNBC.com and its reporters frequently appear on MSNBC’s cable television network to discuss their work. Melinda Gates, wife of Microsoft founder Bill Gates, was named a Post Co. board member this year.

On Tuesday, shares of Washington Post rose $26.95, or just under 3%, to $960.01.