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Investor Relations

SEC Filings

GRAHAM HOLDINGS CO filed this Form 10-K on 03/29/1994
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Radio ("ESMR") is another service already licensed by the FCC that will provide
competition to PCS.  Even more than cellular, ESMR has consolidated
geographically and in many markets ESMR operators are co-owned or affiliated
with other systems which in aggregate will cover geographic areas that are
substantially larger than MTA's.  PCS will also compete with paging,
conventional wireline telephone services and other new services that are in
various stages of development.

     It is expected that PCS will be regulated, like cellular, at both the
state and federal levels (although the FCC has precluded a substantial amount
of state regulation).  PCS operators will have to negotiate interconnection
arrangements with local telephone companies pursuant to general guidelines set
by the FCC.  Roaming arrangements among PCS operators may also be subject to
FCC oversight.  PCS licensees also will be subject to certain build-out
requirements (e.g., they must make service available to one- third of the
population in five years, two-thirds in seven years, and 90% in nine years),
and the term of their licensees will be ten years, subject to renewal.

                          PRODUCTION AND RAW MATERIALS

     The Washington Post is produced at the newspaper's principal place of
business and plant in downtown Washington, D.C., and at its satellite printing
plants in Fairfax County, Virginia, and Southeast Washington, D.C.  All
editions of The Herald are produced at its plant in Everett, Washington.  The
Gazette Newspapers are produced by three independent contract printers.
Newsweek's domestic edition is produced in five independent printing plants;
advertising inserts and photo-offset films for the domestic edition are also
produced by independent contractors.  The international editions of Newsweek
are printed in England, Hong Kong, Singapore, Switzerland and Hollywood,
Florida; insertions for The Bulletin are printed in Australia.

     In 1993 The Washington Post consumed about 250,000 tons* of newsprint
purchased from a number of suppliers, including Bowater Incorporated, which
supplied approximately 30% of The Post's 1993 newsprint requirements.  About
half of the newsprint The Post purchases from Bowater Incorporated is provided
by Bowater Mersey Paper Company Limited, 49% of the common stock of which is
owned by the Company (the majority interest being held by a subsidiary of
Bowater Incorporated).  Bowater Mersey owns and operates a newsprint mill near
Halifax, Nova Scotia, and owns extensive woodlands that provide much of the
mill's wood requirements.  In 1993 Bowater Mersey produced about 260,000 tons
of newsprint.

     The Company, through a subsidiary, has a 35% limited partnership interest
in Bear Island Paper Company, which owns and operates a newsprint mill in
Doswell, Virginia, about 85 miles south of Washington, D.C.  The general
partner, which has a 30% interest and manages the mill, is Brant-Allen
Industries, Inc., a firm experienced in the construction and operation of
similar mills; the other limited partner, also with a 35% interest, is a
subsidiary of Dow Jones & Company, Inc. The Paper Company and  Bear Island
Timberlands Company, in which a subsidiary of the Company also has a 35%
limited partnership interest, own an aggregate of approximately 150,000 acres
of Virginia woodlands.  These woodlands supply a portion of the wood
requirements of the Paper Company's mill.  That mill produced about 220,000
tons of newsprint in 1993, and during that year The Washington Post purchased
about 20% of its newsprint requirements from Bear Island Paper Company.  In
March 1994 Bear Island

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     * All references in this report to newsprint tonnage and prices refer to
short tons (2,000 pounds) and not to metric tons (2,204.6 pounds) which are
often used in newsprint price quotations.