The founder of Internet retail giant Amazon, Jeffrey Bezos, has  indicated interest to buy one of the top U.S. newspapers, Washington Post and its affiliated publications for $250 million.

The Washington Post announced the buy-over plan today.

The Post, which is known for breaking major stories including the popular Watergate scandal in the Nixon era, had been owned by the Graham family for four generations.

The Washington Post Chairman Donald Graham in a statement today said the paper would be better served with another owner. He added that newspaper-industry challenges, including declining revenue, led the family to consider selling the paper.

The Graham family is one of many multigenerational families that have sold metropolitan newspapers in recent decades.

Bezos said in a letter published on the newspaper’s website that the paper will not change radically.

He said “the values of The Post do not need changing.” Bezos said “the paper’s duty will remain to its readers and not to the private interests of its owners.”

The Amazon CEO says he will remain in Seattle, where Amazon is based, and will delegate the paper’s daily operations to managers.

Bezos ranks 11th on Forbes list of the wealthiest individuals in America with a net worth of $23.3 billion.

The Washington Post says it has suffered a 44 percent decline in its operating revenue over the past six years. The decline is part of an industry-wide challenge for newspapers, which are losing advertising revenue and circulation.

The Post has been a leading U.S. newspaper for decades, breaking stories such as the  Watergate scandal, the Pentagon Papers and recently, disclosures about the National Security Administration’s surveillance programs.