Amazon.com founder Jeff Bezos to buy Washington Post for $250 million
WPTV Web Team , Associated Press
4:58 PM, Aug 5, 2013
5:02 PM, Aug 5, 2013
The Washington Post Co. announced on Monday that it has agreed to sell its flagship newspaper to Amazon.com founder and chief executive Jeff Bezos, according to washingtonpost.com .
The move ends the Graham family's ownership in the paper after four generations.
Bezos will pay $250 million in Cash for The Post and affiliated publications.
Amazon will not have a roll in the purchase as Bezos will buy the news organization and become its sole owner.
Washington Post chairman and CEO Donald Graham called Bezos a "uniquely good new owner." He said the decision was made after years of newspaper industry challenges. The company, which owns the Kaplan education business and several TV stations, will change its name but didn't say what the new name will be.
Bezos said in a statement that he understands the Post's "critical role" in Washington and said its values won't change.