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The Washington Post Co.announced a deal todayto sell its namesake newspaper to billionaire Jeff Bezos’86 for $250 million.

Bezos, the founder and CEO of the online merchant, will become the sole owner of the newspaper, while the paper's parent company will retain control of its other holdings.

Bezos wrote in anopen letter to employees of the Postthat he would not take charge of the paper's daily operations and that the paper would retain its current leadership. Amazon will have no role in its purchase or management.

While at the University, Bezos—who is estimated to be worth more than $28 billion—majored in computer science and electrical engineering and was a member of Quadrangle Club.

He delivered the2010 Baccalaureate addressand in 2011donated $15 millionto the University to fund the Princeton Neuroscience Institute.

For four generations, the Post has been published by the Graham family, a dynasty that has seen the paper through some of the tumultuous events of the 20th century.

The Post Co. will become a publicly traded company independent of Bezos and under a different, as-yet-undetermined, name.

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