Washington PostAmazon CEO Jeff Bezos is spending $250M to buy the Washington Post and its chain of local papers.  He promises the Post's "values will not change" and is optimistic about the future of the daily. 

Katharine Weymouth, CEO and publisher will remain at the helm. She's joined by Stephen Hills, president and general manager; Marty Baron, executive editor, and Fred Hiatt, editorial page editor.

Donald Graham, CEO of the Washington Post Co., said the sale was made "after years of familiar newspaper-industry challenges made us wonder if there might be another owner who would be better for the Post."

Foreign Policy and slate.com are not included in the deal. They remain part of Washington Post Co, which is powered by its Kaplan education unit and TV stations.

A new name for WPC will be announced shortly. 

Allen & Co. engineered the deal.