The Washington Post sent out a memo this morning announcing that Katharine Weymouth has become the new publisher of the paper and the CEO of Washington Post Media, which will oversee the paper and its Web site. Ms. Weymouth, formerly the vice president of advertising for the parent company, is the fifth member of the Graham family to become the publisher of the Post. Boisfeuillet Jones, Jr., who was publisher, will effectively swap roles with Ms. Weymouth and become the vice president of advertising.

In a story that was just put up on the Post's web site, the paper also announced that there will also be a series of buyouts for older employees beginning in March.