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Newspaper dynasty sells HQ to another family business

The Graham family, former owners of The Washington Post, have announced they are selling the newspaper's headquarters to another big family business.
The Washington Post HQ in downtown Washington

The Graham family, former owners of The Washington Post, have announced they are selling the newspaper's headquarters to another big family business.

Graham Holdings, the family's holding company, formerly named the Washington Post Co, has agreed a deal worth $159 million (€117 million) with third-generation real estate development family business Carr Properties.

The Washington Post was sold to Amazon cofounder Jeff Bezos in August, and the newspaper will continue to rent office space in the building until it finds a new location.

The Graham family decided to sell the publication after the circulation and ad revenue dropped dramatically and the paper was no longer profitable, but fourth-gen Katharine Weymouth has remained in her post as chief executive.

According to the Wall Street Journal, Weymouth said in a staff memo circulated in February that the company was looking for a more modern and efficient building, and that a change of premises would make good operational and economic sense.

Graham Holdings, currently headed by third-gen Donald Graham, no longer has any publishing interests, but still owns several radio and television stations.

It also owns education business Kaplan, as well as a healthcare company and an energy corporation.

The third-gen chief executive of Washington-based Carr Properties, Oliver Carr III, was reportedly planning on using the building as a mixed-use property, with some offices, some homes and possibly a hotel.

Carr Properties currently has a real estate portfolio worth about $800 million.  

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