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10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 03/29/1994
Entire Document
 
<PAGE>   2

                                     PART I


ITEM 1.   BUSINESS.

     The principal business activities of The Washington Post Company (the
"Company") consist of newspaper publishing (principally The Washington Post),
television broadcasting (through the ownership and operation of four
network-affiliated stations), the ownership and operation of cable television
systems, and magazine publishing (Newsweek magazine).

     Information concerning the consolidated operating revenues, consolidated
income from operations and identifiable assets attributable to the principal
segments of the Company's business for the last three fiscal years is contained
in Note M to the Company's Consolidated Financial Statements appearing
elsewhere in this Annual Report on Form 10-K.  (Revenues for each segment are
shown in such Note M net of intersegment sales, which did not exceed .2% of
consolidated operating revenues.)

     During each of the last three years the Company's operations in geographic
areas outside the United States, consisting primarily of the publication of the
international editions of Newsweek and cable television operations in the
United Kingdom, accounted for less than 7% of the Company's consolidated
revenues and less than 1% of its consolidated income from operations, and the
identifiable assets attributable to such operations represented less than 7% of
the Company's consolidated assets.

                              NEWSPAPER PUBLISHING
THE WASHINGTON POST

     The Washington Post is a morning and Sunday newspaper primarily
distributed by home delivery in the Washington, D.C.  metropolitan area,
including large portions of Virginia and Maryland.

     The following table shows the average paid daily (including Saturday) and
Sunday circulation of The Post for the twelve-month periods ended September 30
in each of the last five years, as reported by the Audit Bureau of Circulations
("ABC") for the years 1989-1992 and as estimated by The Post for the
twelve-month period ended September 30, 1993 (for which period ABC had not
completed its audit as of the date of this report) from the semi-annual
publisher's statements submitted to ABC for the six-month periods ended March
31, 1993 and September 30, 1993:

<TABLE>
<CAPTION>                                                    
                                                                AVERAGE PAID CIRCULATION
                                                                ------------------------
                                                                 DAILY            SUNDAY
                                                                 -----            ------
        <S>                                                      <C>            <C>
        1989.................................................    785,076        1,137,515
        1990.................................................    794,822        1,145,393
        1991.................................................    807,129        1,154,138
        1992.................................................    815,225        1,158,329
        1993.................................................    825,339        1,153,705
</TABLE>


     The rate charged to subscribers for home-delivered copies of
the daily and Sunday newspaper for each four-week period has been $9.20 since
1988.  A price increase for Sunday-only home-delivered copies of the newspaper
went into effect on January 20, 1991, raising the rate per four-week period
from $5.00 (which had been the rate since 1983) to $6.00.  On April 6, 1992,
the newsstand price for the Sunday newspaper was increased from $1.25 (which
price had been in effect since 1986) to $1.50.  The newsstand price for the
daily newspaper has been $0.25 since 1981.





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