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SEC Filings

GRAHAM HOLDINGS CO filed this Form 10-Q on 11/15/1995
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The Washington Post Company

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1:  Results of operations, when examined on a quarterly basis, reflect the
seasonality of advertising that affects the newspaper, magazine and
broadcasting operations. Advertising revenues in the second and fourth quarters
are typically higher than first and third quarter revenues.  All adjustments
reflected in the interim financial statements are of a normal recurring nature.

Note 2:  Summarized combined (unaudited) results of operations for the third
quarter and year-to-date of 1995 and 1994 for the company's affiliates are as
follows (in thousands):

                                                            Third Quarter                      Year-to-Date         
                                                      --------------------------         --------------------------
                                                        1995             1994              1995             1994   
                                                      ---------        ---------         ---------        ---------
<S>                                                    <C>              <C>              <C>              <C>
Operating revenues                                     $229,936         $195,459         $660,596         $556,120
Operating income                                         30,427           14,396           77,268           31,066
Net income (loss)                                        18,813           22,480           46,492           22,240

Note 3:  In April 1994 the company acquired substantially all of the assets
comprising the businesses of television stations KPRC-TV, an NBC affiliate in
Houston, Texas, and KSAT-TV, an ABC affiliate in San Antonio, Texas, for $253
million in cash.  The transaction was accounted for as a purchase and the
results of operations of the television stations have been included with those
of the company for the period subsequent to the date of acquisition.

           In January 1995 the company sold substantially all of its 70 percent
limited partnership interest in American Personal Communications (APC) to its
partner, APC, Inc., and others, for approximately $33 million.  The proceeds
approximate the amounts The Washington Post Company had cumulatively invested
in the partnership since it was formed in August 1990.  The company's 1995 net
income includes $8.4 million ($0.75 per share) from the sale.

           In September 1995 the company wrote-off its investment in Mammoth
Micro Productions (Mammoth), a multimedia studio and publisher in which the
company has an 80 percent interest.  The company acquired its interest in
Mammoth in May 1994.  The write-off resulted in an after-tax charge of $5.6
million ($0.51 per share) which is included in the company's 1995 net income.

Note 4:  During the first nine months of 1995 the company repurchased 361,106
shares of its Class B common stock at a cost of $89.6 million.