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August 5th, 2013
06:47 PM ET

Amazon's Bezos buys Washington Post for $250 million

NEW YORK (CNNMoney) - The Washington Post Company announced Monday it was selling its newspaper business, including the flagship Washington Post, to Amazon.com founder Jeff Bezos for $250 million.

Bezos is gaining control of the Post from the Graham family, which has led it for decades.

"Everyone at the Post Company and everyone in our family has always been proud of The Washington Post – of the newspaper we publish and of the people who write and produce it," Washington Post Company CEO Donald Graham said in a statement.

"I, along with [Post CEO and publisher] 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.

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