The Washington Post Co. on Monday announced that widely popular online retailer Amazon's founder & CEO Jeff Bezos has agreed to acquire its flagship newspaper plus some related publishing assets for $250 million.

Bezos will gain control of the Washington Post from the Graham family, which has been leading the newspaper for decades.  

Bezos, who is worth nearly $25 billion, will acquire the newspaper in his personal capacity and not through Amazon. com - the world's biggest online retailer.

The billionaire said he understood the critical role that the Washington Post plays in Washington DC.

Confirming the sale, Washington Post Co CEO Donald Graham said, "Jeff Bezos' proven technology and business genius, his long-term approach and his personal decency make him a uniquely good new owner for the Post."

Graham added that the company's revenues declined for seven consecutive years. While the company's innovations had been quite successful, they failed to make up for the declines in revenue.

In 2012, The Washington Post Co. suffered newspaper publishing operating losses of nearly $54 million, drastically up from $21.2 million in the previous year.

Bezos' high-profile purchase of the Washington Post follows Red Sox owner John Henry's acquisition of The Boston Globe for $70 million.