With financing from Mr. Graham’s contacts, including the Bill and Melinda Gates Foundation, Mark Zuckerberg and Priscilla Chan, and Pierre Omidyar, the founder of eBay, TheDream.Us has raised $33 million since September.

“I’ve never seen one move with this sense of purpose and passion,” said Henry Muñoz, national finance committee chairman for the Democratic National Committee, who helped Mr. Graham found TheDream.US. Mr. Muñoz joked that the initiative had an unassuming start when Mr. Graham picked him up in a Chevy Malibu in spring 2013. But he said that after their conversations took off, Mr. Graham used The Post’s boardroom to host the early meetings, flew to Silicon Valley to solicit donations and made trips to meet scholarship candidates in cities like Miami. “He spends a lot of time doing this,” Mr. Muñoz said.

Followers of Mr. Graham say that his first priority remains running Graham Holdings. The sale of The Post now offers more exposure to the Kaplan education division, which once was the company’s cash cow and is still the primary revenue producer. The division generated 62 percent of the company’s revenue in 2013, but continued to watch its profits decline from its higher education and test prep businesses, according to the latest earnings. Analysts say that the worst seems to be behind Kaplan.

The company’s local television station group was the most profitable division for the company in 2013, according to the annual report. There are smaller businesses, too, like a supplier of combustion systems in Texas called the Forney Corporation, but it is still too early to know how profitable they will be for the company.

Mr. Graham has remained involved in media through his ownership of Slate and Foreign Policy magazine, along with social media start-ups like Trove and SocialCode. Even in a struggling media environment, he has pushed these companies to remain focused on profits. In March, Slate announced it offered its readers a $50 annual membership program for special access to Slate writers and events. Jacob Weisberg, chairman of the Slate Group, said that the site was profitable and that it was on track to sell 10,000 subscriptions by the end of the year. He added that Mr. Graham’s involvement with the Slate Group had remained consistent since the sale of The Post.

“He is engaged and supportive and he pushes you hard in your financial goals,” Mr. Weisberg said. “But he doesn’t interfere.”

It remains unclear how successful Mr. Graham’s company can be. The most recent earnings figures, which were released on Friday, showed that after removing several items, like the transaction with Mr. Buffett, income from continuing operations declined slightly to $54.5 million in the second quarter, from $58.7 million from the same time the year before.

But Mr. Graham’s employees and friends notice a difference in him since The Post’s sale.

“I think he has had a big burden lifted off him and he is very focused on looking forward and not back,” Mr. Weisberg said. “It was a very happy resolution to a very difficult problem.”