Jeff Bezos is all set to pay $250 million and acquire the rights of ‘The Washington Post’ – one of the leading news companies of America owned by the Graham family. The deal was announced by Donald E. Graham, Chairman of the Washington Post Company, late Monday afternoon.

Under the deal, Bezos will also get ownership of the Gazette Newspapers, El Tiempo Latino, Fairfax County Times, the Express Newspaper, Southern Maryland Newspapers, and the Greater Washington Publishing Company however, the deal doesn’t include the company’s Kaplan education division,, Slate magazine and Foreign Policy.

The online retailing giant, Amazon, will not be a part of the deal as Mr. Bezos will be holding The Post in his personal capacity. In a letter addressed to the employees of the newspaper company, Bezos said that he won’t be leading the newspaper on a daily basis, as he is quite busy playing his role as Amazon’s CEO.

The 49 year old has asked the Post’s Publisher, Katharine Weymouth, President and General Manager, Stephen P. Hills, Executive Director, Martin Baron and Editor Fred Hiatt to remain connected with the Washington Post. The Post will continue working as a public company with a new name which is yet to be decided.

Bezos has become the latest billionaire to try hands with the newspaper business. Last week, John Henry, owner of Boston Red Sox also announced acquisition of the Boston Globe.