Washington Post Co. profit falls 77 percent
WASHINGTON -- The Washington Post Co. says its fourth-quarter profit plunged 77 percent, hurt by hefty one-time charges despite modest revenue growth led by the company's education and cable TV businesses.
The company, which owns the Kaplan academic testing service and publishes Newsweek magazine along with its flagship newspaper, posted net income of $18.8 million, or $2.01 per share, compared with $82.9 million, or $8.71 per share, in the same quarter a year ago.
Revenue grew 3 percent to $1.16 billion from $1.13 billion.
The company said its results included a $142.3 million write-down on the value of its newspapers and other assets, a $111.1 million charge for early retirement expenses and other one-time items.
-- The Associated Press
Reader Reactions
Could it be because all the suffering papers lean left? Probably so. Bet you if Fox News had a newspaper it wouldn’t be suffering.
GOD….Readers of the RTD are soooo predictable. I knew there were going to be comments about the Washington Post being liberal and being the mouthpiece of the Obama administration before I even read the comments. It’s like a broken record. If you all knew anything about what’s going on right now, all newspapers are suffering—that includes the RTD. It’s not just the ones you peg as ‘liberal.‘
Oh boo hoo - another liberal newspaper feels the sting. I can just see it now - the prez will bail them out in exchange for continued flattering coverage.
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