GRAHAM HOLDINGS COMPANY
1300 North 17th Street, Suite 1700, Arlington, VA 22209
March 23, 2017
This Proxy Statement
contains information relating to the 2017 Annual Meeting of Shareholders of Graham Holdings Company to be held at the Corporate Executive Board Waterview Conference Center, 1919 North Lynn Street, 24th Floor, Arlington, VA 22209, on Thursday,
May 4, 2017, at 8:30 a.m., Eastern Daylight Saving Time, or any adjournments thereof, for the purposes set forth in the accompanying Notice of the 2017 Annual Meeting of Shareholders. This Proxy Statement and the accompanying forms of Proxy and
voting instructions are being delivered to shareholders on or about March 23, 2017. The Board of Directors of the Company is making this Proxy solicitation.
Important notice regarding the availability of Proxy materials for the Annual Meeting of Shareholders to be held on May 4, 2017. This Proxy Statement
and the Annual Report to Shareholders are available at www.ghco.com.
QUESTIONS AND ANSWERS
Q: What am I voting on?
A: You are voting on the election of Directors for a term of one year. A Board of nine Directors is to be elected, six by the holders
of Class A Common Stock, voting separately as a class, and three by the holders of Class B Common Stock, voting separately as a class. All Directors will hold office until the next Annual Meeting or until their respective successors shall have
been elected and shall have qualified or as otherwise provided in the bylaws of the Company.
In the event that any nominee withdraws or for any reason is
not able to serve as a Director, Timothy J. OShaughnessy, Wallace R. Cooney, Jacob M. Maas and Nicole M. Maddrey, acting as your proxies, may vote for such other person as the Board of Directors may nominate.
In addition, if you are a holder of Class A Stock, you are voting on whether to approve the compensation paid to the Companys named executive
officers for 2016 and on how frequently the Class A Shareholders should vote on such compensation in the future. In accordance with rules of the U.S. Securities and Exchange Commission (the SEC), these votes are advisory in nature
and non-binding. For Class A Shareholders, you are also voting on the re-approval of performance goals under the Companys 2012 Incentive Compensation Plan.
Each of your shares entitles you to one vote with respect to each matter on which you may vote.
Q: What are the voting recommendations of the Board?
A: The Board recommends voting for each of the nominated Directors listed on the Proxy card. The Board knows of no reason that would
cause any nominee to be unable to act or to refuse to accept nomination or election.
The Board recommends voting for the approval of the compensation
paid to the Companys named executive officers for 2016 and recommends that such shareholder advisory vote on executive compensation be considered by the Class A Shareholders on an annual basis.
The Board also recommends voting for re-approval of performance goals under the Companys 2012 Incentive Compensation Plan.
Q: Will any other matters be voted on?
A: We are not aware of any matters to be voted on other than the election of Directors, the Class A Shareholder advisory votes on
compensation paid to the Companys named executive officers for 2016, the frequency of advisory votes on compensation paid to named executive officers, and the vote by the Class A Shareholders to re-approve performance goals under the
Companys 2012 Incentive Compensation Plan. If any other matter is properly brought before the Meeting, Timothy J. OShaughnessy, Wallace R. Cooney, Jacob M. Maas and Nicole M. Maddrey, acting as your proxies, will vote for you at their