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Investor Relations

SEC Filings

GRAHAM HOLDINGS CO filed this Form 10-Q on 11/15/1995
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in newsprint paper mills, which are included in equity in income of affiliates,
the company expects that a significant portion of the increased costs will
continue to be offset by its share of increased profits at the newsprint

         As of the end of 1994, the company had repurchased approximately
885,000 shares of the one million Class B shares authorized for repurchase by
the Board of Directors in May 1990.  In January 1995 the Board of Directors
authorized the company to repurchase an additional one million Class B shares,
primarily through block purchases.  In the first nine months of 1995, the
company repurchased 361,106 shares of its Class B common stock for $89.6
million.  This completed the repurchase under the May 1990 authorization;
approximately 752,000 Class B shares remain to be repurchased under the January
1995 authorization.

         The company has experienced no other significant changes in its
financial condition since the end of 1994.