Washington Post Owes It To Its Kaplan And Cable Services
October 30, 2009 12:02 PM
Washington Post, that owns Newsweek, Kaplan educational services and television properties and its own newspaper, posted a 69 percent increased NI this quarter, that estimates to an increase of $7 million in its NI, $1.81 per share and a 2 percent increase to $1.51 billion in its revenue, as compared to the same quarter previous year.
It cut its newspaper division costs to $23.6 million from a whooping $82.7 million, though its advertising revenue dipped by about 28 percent. The revenues of its peers – the New York Times and others dropped by about 28 percent. However, Washington Post’s newspaper web revenue decreased by about 18 percent, Newsweek magazine’s ad revenue dropped a 48 percent and cut its circulation earlier this year to 1.5 million, from 2.6 million. Kaplan contributed to a 14 percent growth and cable - a revenue increase of 4 percent. The Post’s share price fell to $450.99, a decrease of $1.04 since the announcement.
