Graham Holdings Co., formerly The Washington Post Co., reports higher earnings thanks to selling off its parts
The company that used to own The Washington Post, and is now called Graham Holdings Company, reported its earnings today. Now that the company is out of the newspaper business it probably is no longer of interest to TNM, but for old time’s sake we’ll report its earnings one last time.
The holding company, run by former publisher, now oligarch Donald Graham, has been busy selling off portions of itself. As a result, despite flat earnings, the company was able to report huge profits and the company took in its winnings.
Without owning The Washington Post to push its for-profit education agenda, however, its Kaplan division probably makes no sense as an investment. For years the company pushed the government to give billions of dollars in education loans to these for-profit institutions, which in turn worked to make sure students left its schools stupid and in debt. All the while, we the tax payers paid these companies huge sums of money that otherwise could have gone to public universities. It is a crime for which someone should be jailed – I nominate Donald Graham. You may blame the politicians who are pushing their anti-public schools agenda. (Cue up the line from National Treasure from Harvey Keitel: “someone’s gotta go to prison, Ben.”)
Whoever is to blame, Mr. Graham has been able to transform himself from a publisher into an oligarch and so we will be forced for the rest of our lives to see him play the role perfected by another Donald, only this time with real money in his bank account.
Here are the earnings for this quarter, pay special attention to the Net Income line.