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Washington Post shares rise to 5-year highs

[August 07, 2013]  NEW YORK (AP) -- 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.

[Associated Press]

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