Washington Post reports jump in 4Q profit as education and cable units offset print slump
The Washington Post Co. says its fourth-quarter profit more than quadrupled. Its cable TV and education divisions provided most of the lift, although the publishing segment also made money after large cost cuts.
The company, which owns Newsweek magazine, Kaplan education services and TV properties along with The Washington Post newspaper, earned $81.7 million, or $8.71 per share. That was up from $18.8 million, or $2.01 per share, a year earlier.
Revenue climbed 6 percent to $1.24 billion.
The newspaper division, including dozens of dailies and weeklies, managed to reverse its losses. Job reductions and other cost-cutting steps helped it post an operating income of $3.2 million, compared with an operating loss of $14.4 million a year earlier.