NEW YORK — Shares of the longtime owner of The Washington Post briefly hit five-year highs after announcing the sale of the paper to Amazon.com Inc. founder Jeff Bezos for $250 million.
The paper, which unveiled a scandal that toppled a U.S. president, has been owned by one family, the Grahams, since it was acquired in a 1933 bankruptcy sale.
The Washington Post Co. will change its name and maintain ownership of Kaplan schools and test-preparation services, its largest source of revenue. It also owns the Cable One cable television business, six television stations, Foreign Policy magazine, and the website Slate, among others.
Class B shares gained $24.30, or 4.3 percent, to $593 in trading Tuesday. Shares at one point hit $605.18, a level not seen since September 2008.