TODAY   |  August 06, 2013 chief buys Washington Post

The legendary, yet struggling, newspaper has been sold to one of the country’s wealthiest men for $250 million from his own pocket, as the CEO reveals in a statement he will be keeping the newspaper’s current management team. NBC’s Tom Costello reports.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> of the guys that helped bring e-reers to ameri helngo lure americans away fm traditional newspapers and now he is being cdited as a white knight with dp pketselping save one of the country's eat newspapers.

>> reporter: it was the watergatscandal that helped make the washington pos a household nameutside of d.c. reporters bob woodward ,arl bernstein and ben bradl portrayed on the b screen aftetheir invesgation helped bring down preside nixon.

>> how much can you tel me about it.

>> h muc do you need to know ?

>> for 80 years the whiton post has bn owned by the graham mi. earnina reputation for top investigative journalism but it struggled over the past ten years. readers and advertisers fled to the internet.

>> wenew it could survive but we've been hired by that. now aunlikelysavior, jeff bezos who is keeping the managementeam an paying 200 $50 milon out of hiswn cket to save theaper sayin in a statementhe vues of the po do noteed changing thaper's duty will remain to it readers and not to the private intere of it's owners. bob woodward is now the associat editor.

>> his is a good thing f t newspaper. it's goi to shake thisup.

>> bezos is just the mt recent wealthy busine mano rescue a paper. the owner of the boston red sox is buying the globe.

>> and warren buffet has bout zens of papers.

>> do the see more gold in these hills than the older opators? i think that's the questn that is tantalizi people today .

>> reporter: bezos is promising he plans t invent the washington pos everybody here is hoping it's a good and positive one.

>> thanks t costello. he's the kind of guy that always has a plan and this isn't an accidental investment. heustaveome kind oflan where he thinks he can mak the newspapers or a newaper like that profitable.

>> and a newsroom full of sptacl reporters see to going over well. people are hopeful about it.

>> thedd one is john hry owninghe bton globe which say perhat covers his own baseball team which will create interestingmoments.