The Washington Post Co said it has sold its flagship newspaper to Jeff Bezos, the founder of Amazon. The purchase price is $250 million, subject to normal working capital adjustments, payable at closing later this year.

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The move comes as newspapers face unprecedented challenges with declines in advertising revenue and readership.

Washington Post Chairman and Chief Executive Donald E. Graham, whose family owns the paper, said it would be better served with another owner.

"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."

The transaction covers The Washington Post and other publishing businesses, including the Express newspaper, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.