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Investor Relations

SEC Filings

GRAHAM HOLDINGS CO filed this Form 10-K on 03/29/1994
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      In January 1994 subsidiaries of the Company entered into a definitive
agreement to acquire the assets of television station KPRC-TV, an NBC affiliate
in Houston, Texas, and television station KSAT-TV, an ABC affiliate in San
Antonio, Texas, for an aggregate cash purchase price of approximately $250
million.  Houston and San Antonio are respectively the 10th and 40th largest
broadcasting markets in the United States.


      The Company's television broadcasting operations are subject to the
jurisdiction of the FCC under the Communications Act of 1934, as amended.
Under authority of such Act the FCC, among other things, assigns frequency
bands for broadcast and other uses; issues, revokes, modifies and renews
broadcasting licenses for particular frequencies; determines the location and
power of stations and establishes areas to be served; regulates equipment used
by stations; and adopts and implements regulations and policies which directly
or indirectly affect the ownership, operations and profitability of
broadcasting stations.

      Each of the Company's television stations holds a license valid for a
period of five years which is renewable upon application for a similar period.

      The FCC is conducting proceedings dealing with such matters as the
standards to be applied to broadcast renewal applications, various broadcast
network regulations, multiple ownership restrictions, regulations pertaining to
cable television operations (discussed below under "Cable Television Division
Regulation of Cable Television and Related Matters"), whether to allocate
additional radio spectrum to existing broadcasting stations to enable them to
implement advanced television ("ATV") technologies, whether to adopt a uniform
ATV broadcast transmission standard for television and impose requirements on
existing television stations to activate ATV channels and ultimately to turn
back to the FCC their existing conventional television channels, and various
proposals to further the development of alternative video delivery systems that
would compete in varying degrees with both cable television and television
broadcasting operations.  The Company cannot predict the resolution of these
and various other matters although, depending upon their outcome, they could
affect the Company's television broadcasting interests either adversely or

      Various of the foregoing questions as well as other important substantive
and policy issues (including changes in the law governing what broadcasters may
charge political candidates) will also likely be considered by Congress.

                           CABLE TELEVISION DIVISION

      As of the end of 1993 the Company (through subsidiaries) provided basic
cable service to approximately 482,000 subscribers (representing about 70% of
the 692,000 homes passed by the systems) and had in force more than 301,000
subscriptions to premium program services.  The Company's cable systems are
located in 15 Midwestern, Southern and Western states and typically serve
smaller communities; thus 30 of the Company's systems pass fewer than 10,000
dwelling units, 14 pass 10,000-25,000 dwelling units, and only eight pass more
than 25,000 dwelling units, of which the two largest are in Modesto and Santa
Rosa, California, each serving more than 45,000 basic subscribers.