The terms of the deal are still squishy, but include the 1.6M Class B shares that Warren Buffett‘s Berkshire Hathaway owns in Graham Holdings — the new name for the company that owned The Washington Post before it sold the paper to Amazon’s Jeff Bezos last year. Buffett’s stake accounted for about 23% of the voting shares in Graham as of the last proxy, out early last year. He will receive the ABC affiliate plus an unspecified amount of cash and shares that Graham owns in Berkshire Hathaway. Buffett was a long-time backer of the Post. “While this transaction will greatly reduce our position in Graham Holdings, our admiration for the company and its management is undiminished,” he says. Graham’s CEO Donald Graham assured WPLG employees that they are moving to “one of the greatest companies in America.” Graham shares are up 1.8% in early trading. The market values the company, which also owns Kaplan Test Preparation, at $5.3B.