LANHAM, Md. (CBSDC) — The Washington Post will be sold to Amazon founder and CEO Jeffrey Bezos.
Bezos will pay $250 million, in cash, to The Washington Post Company in a contract signed earlier Monday.
Amazon.com, Inc. will have no affiliation with the purchase.
In a statement released by the Post, CEO Donald Graham says he felt selling the flagship paper was the right decision.
“I, along with Katharine Weymouth and our board of directors, decided to sell only after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post,” Graham said. “Jeff Bezos’ proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post.”
As the new owner of the Post, Bezos ensured the paper’s values would remain the same.
“I understand the critical role the Post plays in Washington, DC and our nation, and the Post’s values will not change,” said Bezos. “Our duty to readers will continue to be the heart of the Post, and I am very optimistic about the future.”
The transaction will cause The Washington Post Company to change its name, but no decision has been made on what the change will be.
Slate magazine, TheRoot.com and Foreign Policy are not part of the deal and will stay part of The Washington Post Company.
The deal is expected to be finalized later this year.
This story will be updated.