The $250 million sale of The Gazette, The Washington Post and other properties to a private investment company owned by Amazon.com CEO Jeffrey P. Bezos was completed Tuesday, executives said.
The sale, announced in August, ends four generations of ownership of the flagship Post for the Graham family. The deal is “an exciting — and historic — opportunity” for the Post, Gazette and other entities sold, Donald E. Graham, CEO and board chairman of The Washington Post Co., wrote Tuesday in a letter to employees.
Besides The Post and Gazette, the sale includes the Express newspaper, Southern Maryland Newspapers, the Fairfax County Times, the Spanish-language El Tiempo Latino newspaper, the Post’s printing plant in Springfield, Va., the Comprint printing plant in Laurel and several military publications.
The Kaplan education company, Cable One, Slate magazine, some television stations, the headquarters building in Washington and some other holdings will remain with The Washington Post Co., which will be changing its name. A new name has not yet been announced, and it is not yet known where that company will be headquartered, Rima Calderon, a spokeswoman for The Washington Post Co., said on Tuesday.
Graham, who will continue as CEO of the new company, wrote that the “future of The Washington Post Co. is the future of Kaplan,” calling the company a worldwide leader that is improving its profitability while “paying as much attention to improving student outcomes.”
Graham added that the new company will continue to look for “good businesses to invest in” and “will have a new name to announce soon.” He said the company had a “very, very strong balance sheet” and “will be quite a bit stronger in a year or two when the headquarters building and our Alexandria waterfront property is sold.”
Bezos’ investment company, Nash Holdings LLC, is not part of Amazon.com. A spokesman for Bezos could not be reached for comment on Tuesday.
Bezos, who has a reported net worth of $25 billion, founded Amazon in 1994. The company had revenue of $61.1 billion last year.