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“So long, Washington Post,” observed Newsweek/Daily Beast business editor Daniel Gross. “Why are we so shocked at the news that Jeff Bezos is buying the Post for $250 million? Nothing about print media makes sense any more.”

Mr. Bezos, meanwhile, has asked Katharine Weymouth, Mr. Graham’s niece and the CEO and publisher of The Washington Post; Stephen P. Hills, president and general manager; Martin Baron, executive editor; and Fred Hiatt, editorial page editor, to remain in their roles.

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,” Mr. Graham said.