By Kristin Jones
The Washington Post Co. (>> The Washington Post Company) has agreed to sell its newspaper business, including its namesake newspaper, to the chief executive of Amazon.com Inc. (>> Amazon.com, Inc.).
Jeffrey Bezos is buying the publishing business as an individual, and not in his capacity as CEO of Amazon, for $250 million.
Washington Post Chairman and CEO Donald E. Graham said the company decided to sell the business "only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post."
Mr. Bezos's "technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post."
"I understand the critical role the Post plays in Washington, D.C., and our nation, and the Post's values will not change," said Mr. Bezos.
Katharine Weymouth will continue as CEO and publisher of the Post, while Stephen Hills will remain as president and general manager, Martin Baron as executive editor and Fred Hiatt as editor of the editorial page.
The transaction doesn't include Slate Magazine, TheRoot.com or Foreign Policy.
Washington Post shares were up 1.9% at $579.20 in light, after-hours trading. The stock has climbed 56% since the start of the year, through the close.
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