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8-K
GRAHAM HOLDINGS CO filed this Form 8-K on 05/06/1994
Entire Document
 
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                       REPORT OF INDEPENDENT ACCOUNTANTS



To the Board of Directors and
Shareholders of H&C Communications, Inc. and
The Washington Post Company


In our opinion, the accompanying combined balance sheet and the related
combined statements of income and of cash flows present fairly, in all material
respects, the financial position of KPRC and KSAT Television Stations (business
units of H&C Communications, Inc.) at December 31, 1993, and the results of
their operations and their cash flows for the year in conformity with generally
accepted accounting principles.  These financial statements are the
responsibility of the Companies' management; our responsibility is to express
an opinion on these financial statements based on our audit.  We conducted our
audit of these statements in accordance with generally accepted auditing
standards which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation.  We believe that
our audit provides a reasonable basis for the opinion expressed above.

PRICE WATERHOUSE


Washington, D.C.
April 22, 1994


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