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10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 03/29/1994
Entire Document
 
<PAGE>   9
domestic circulation rate base of the three leading weekly news magazines for
the past five years are  set forth in the following table:

<TABLE>
<CAPTION>
                                                NEWSWEEK
                                              AVERAGE WEEKLY   PERCENTAGE OF
                                               CIRCULATION     THREE LEADING
                                                RATE BASE      NEWS MAGAZINES
                                                ---------      --------------
     <S>                                        <C>                  <C>
     1989  ................................     3,100,000            32.6%
     1990  ................................     3,100,000            32.9%
     1991  ................................     3,100,000            34.1%
     1992  ................................     3,100,000            33.2%
     1993  ................................     3,100,000            32.7%
</TABLE>
                                        

     Newsweek is sold on newsstands and through subscription mail order sales
derived from a number of sources, principally direct mail promotion.  The basic
one-year subscription price is $41.08.  During 1993 most subscriptions were
sold at a discount from the basic price.  Since January 1992 Newsweek's
newsstand price has been $2.95 per copy.

     The total number of Newsweek's domestic advertising pages and gross
domestic advertising revenues as reported by Publishers' Information Bureau,
Inc., together with Newsweek's percentages of the total number of advertising
pages and total advertising revenues of the three leading weekly news
magazines, for the past five years have been as follows:


<TABLE>
<CAPTION>
                                                                                NEWSWEEK
                                           NEWSWEEK     PERCENTAGE OF            GROSS      PERCENTAGE OF
                                          ADVERTISING   THREE LEADING         ADVERTISING   THREE LEADING
                                            PAGES*      NEWS MAGAZINES         REVENUES*    NEWS MAGAZINES
                                            ------      --------------         ---------    --------------
     <S>                                     <C>            <C>             <C>                 <C>
     1989   ..............................   2,490          34.8%           $ 255,395,000       33.3%
     1990   ..............................   2,294          33.4%             252,447,000       32.5%
     1991   ..............................   1,948          32.5%             233,601,000       32.7%
     1992   ..............................   2,109          33.2%             258,396,000       32.4%
     1993   ..............................   2,102          33.3%             260,396,000       32.3%
                                          
     ------------
</TABLE>

         * Advertising pages and gross advertising revenues are
     those reported by Publishers' Information Bureau, Inc.  PIB
     computes gross advertising revenues from basic one-time rates
     and the number of advertising pages carried.  PIB figures
     therefore exceed actual gross advertising revenues, which
     reflect lower rates for multiple insertions.  Net revenues as
     reported in the Company's Consolidated Statements of Income
     also exclude agency fees and cash discounts, which are
     included in the gross advertising revenues shown above.  Page
     and revenue figures exclude affiliated advertising.
     
     Newsweek's advertising rates are based on its average weekly circulation
rate base and are competitive with the other weekly news magazines.  Effective
with the January 4, 1993 issue, national advertising rates were increased by an
average of 5.5%.  Beginning with the issue dated January 3, 1994, national
advertising rates were increased again by an average of 4.9%.

     Newsweek Business, which is published 39 times a year, is a demographic
edition of Newsweek distributed to subscribers qualified by a professional or
managerial job title and a minimum income level.  Advertising rates for this
edition, which has a circulation rate base of 750,000, were last increased in
January 1993 with that increase averaging 5.5%.





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