Jeff Bezos Buys The Washington Post For $250 Million

Jeff Bezos, CEO and founder of Amazon, has bought the Washington Post for $250 million.

The newspaper's website is carrying a story with details of the deal, which will include the Post and its affiliated publications. The deal was made personally by Bezos — Amazon was not involved.

The news organization had previously been owned by the Graham family for four generations.

“The Post could have survived under the company’s ownership and been profitable for the foreseeable future. But we wanted to do more than survive. I’m not saying this guarantees success but it gives us a much greater chance of success," Donald Graham said in an interview with the Post.

The deal does not include the Washington Post Company's non-publication assetts, such as Kaplan, Post–Newsweek Stations and Cable ONE. It also will not include certain publications, including Slate magazine, TheRoot.com and Foreign Policy.

This post will be updated as we find out more...

Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.

Read more: http://www.businessinsider.com/jeff-bezos-buys-the-washington-post-2013-8#ixzz2b86ws7ob