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S&P cuts Washington Post rating by 1 notch
NEW YORK — Standard & Poor’s cut the credit rating of the Washington Post Co. to “BBB” on Thursday, citing deteriorating performance at its Kaplan education unit and continuing declines in newspaper advertising revenue. S&P said the outlook for the rating is “negative,” and noted that the company faces risks in stabilizing both its businesses. […]
Buffett’s Berkshire to buy Media General papers
NEW YORK — Billionaire Warren Buffett’s company is making another foray into newspapers, agreeing to buy 63 newspapers from Media General Inc. for $142 million. Berkshire Hathaway Inc. is also extending a loan to Media General and taking a 19.9 percent stake in the company, which will still own 18 TV stations. Media General also […]
Facebook CEO turns 28, IPO could be $100B gift
NEW YORK — He famously wears a hoodie, jeans and sneakers, and he was born the year Apple introduced the Macintosh. But Mark Zuckerberg is no boy-CEO. Facebook’s chief executive turned 28 on Monday, setting in motion the social network’s biggest week ever. The company is expected to start selling stock to the public for […]
Washington Post 4Q earnings down 22 percent
WASHINGTON — The Washington Post Co. on Friday reported a 22 percent drop in fourth-quarter net income. The media and education company reported net income of $61.7 million or $8.03 per share for the October to December period, down from earnings of $79 million, or $9.42 per share, a year earlier. Revenue fell 10 percent […]
Washington Post reports 3Q loss, lower revenue
WASHINGTON — The Washington Post Co. reported a $6.2 million quarterly loss on Friday, weighed down by special costs at its for-profit education business and lower revenue at its newspaper division. The Washington Post Co. reported a third-quarter net loss of $6.2 million or 82 cents per share in the July through September period, down […]
This just in: Newsweek, Daily Beast tie knot
Newsweek, the 77-year-old magazine that once helped set the national news agenda, is linking its future with a startup website just two years in the making. Three months after agreeing to buy the money-losing weekly for $1, audio equipment magnate Sidney Harman has completed on-again, off-again negotiations to merge it with The Daily Beast. It’s […]
