08/05/2013 04:45 EDT | Updated 10/05/2013 05:12 EDT

Amazon's Jeff Bezos to buy Washington Post

The Washington Post Co. said it has sold its flagship newspaper to Jeff Bezos, the founder of Amazon.

The purchase price is $250 million US, subject to normal working capital adjustments, payable at closing later this year.

Amazon will have no role in the purchase, according to a story in the Washington Post. Bezos will be the company's sole owner upon completion of the deal, expected within 60 days.

Despite its storied history — which includes coverage of the Watergate scandal, the Pentagon Papers and the more recent relevations about eavesdropping by the NSA — the Post noted it has been hurt by the "financial turmoil" that has engulfed many U.S. newspapers.

"The Post could have survived under the company’s ownership and been profitable for the foreseeable future," Post Co. chief executive Donald Graham told the paper. "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."

The deal comes just two days after Boston Red Sox owner John Henry offered $70 million US to buy The Boston Globe.