Amazon owner Jeffrey Bezos buys The Washington Post

The Washington Post has been sold to Jeffrey Bezos, the CEO and founder of the e-commerce giant, Amazon.

Bezos, who is one of the world's richest men, will pay $250 million in cash for The Post and publications affiliated with Washington Post Co., The Washington Post confirms.

Donald Graham, the Post Co.'s chief executive, said he and his family initially responded with shock at the thought of selling The Post. "But when the idea of a transaction with Jeff Bezos came up, it altered my feelings," Graham said.

Amazon itself is not involved in the purchase, it's Bezos who will be the owner once the sale is completed. The transaction is estimated to complete be within 60 days.

The Washington Post Co.'s newspaper division has suffered a 44 percent decline in operating revenue over the last six years.

Read the complete Washington Post report here:

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