Effective Nov. 29, the company that comprises Post-Newsweek stations, Kaplan and other non-Washington Post interests, will become Graham Holdings Co., trading under the symbol GHC.
Emily Barr, CEO of the Washington Post Co.’s six-station television division says it wasn’t a bidder for Allbritton’s WJLA Washington and will continue its acquisition strategy. “We pay attention to, and consider, any and all possibilities as they come along, but we’re a very disciplined company and any decision to purchase would be consistent with that philosophy.”
The Washington Post may be the iconic brand on the company’s downtown building, but the sale of its flagship newspaper turns it into more of a holding company of businesses that have little in common — including education, television, home health care and even furnaces. The new company — which will be renamed after the sale is complete — will resemble a mini-Berkshire Hathaway.
The Washington Post Co. announced Monday afternoon that it has agreed to sell its newspaper publishing businesses for $250 million to Amazon.com founder Jeff Bezos. The sale will end four generations of family ownership at the newspaper. The company will retain its six television stations and the Kaplan educational businesses and will be changing its name in connection with the transaction.
Growth in advertising demand across many product categories and increased retransmission revenues combined to offset a $5.3 million decline in political ad revenue.
Growth in advertising demand across many product categories and increased retransmission revenues combined to offset a $2.8 million decline in political ad revenue.
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Political and Olympics advertising and retransmission consent money are among the drivers. The TV and cable divisions are the only Washington Post Co. segments to post revenue gains.
The increase from last year’s quarter to $106.4 million comes from stronger advertising demand, including political and Olympics, plus retransmission consent gains.
The broadcast TV division is the Washington Post Co.’s only one to report increased operating results as revenue rises to $43.7 million.
The Washington Post Co. said the increase at its broadcast television division reflects improved advertising demand across many product categories, including a $2.2 million increase in political revenue.
A difference of nearly $19 million in political ad revenue from the year-ago quarter is the culprit.
The lack of both Olympics and political ad money from the year-earlier third quarter resulted in the decrease.
The absence of Winter Olympics revenue this year isn’t enough to offset broad increases in other advertising categories.
The drop is attributed to lack of Olympics and political advertising compared to the first quarter of 2010.
Stronger political and automotive advertising performance boosts TV station revenue to $103 million.
Automotive, Olympics and political advertising increases are behind the jump to $83.2 million.