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About Graham Holdings Company

Graham Holdings is a media and education company, but has its hands in other arenas, too. Its primary operations are in education services, television broadcasting, and television, print, and online news. The group's largest division is education, conducted via Kaplan, which includes tutoring and test preparation services in the US and internationally. Other operations include a portfolio of seven TV stations and online and print publications such as Slate and Foreign Policy. The diverse Graham's assets also include social media advertising, manufacturing, and home health and hospice care businesses. The company generates about a quarter of sales outside the US.


Graham Holdings operates business through its Education, Television Broadcasting, Healthcare, Manufacturing, and Other Businesses.

The Education segment (about 50%% of total revenue) operates Kaplan, which provides a wide variety of educational services worldwide. Kaplan provides academic and test preparation, degree programs, professional development, and other services for students and professionals in Europe, the US, and the Asia/Pacific region.

The Television Broadcasting segment (more than 15%% of revenue) includes the ownership and operation of seven television broadcast stations.

Healthcare (about 5% of revenue) operates through Graham Healthcare Group which provides home health, hospice, and palliative services to more than 50,000 patients. GHG operates 10 home care, seven hospice, and two palliative care operating units in Michigan, Illinois, and Pennsylvania.

The Company also has manufacturing facilities that generates about 15% of total revenue. The Other Businesses segment accounts for the remainder of revenue and includes home health and hospice providers, automotive companies, and SocialCode, a social media marketing specialist. It also includes Slate and Foreign Policy magazines.

Geographic Reach

Graham Holdings is headquartered in Arlington, Virginia. It has television stations in Detroit; Houston; Jacksonville; Orlando, Florida; Roanoke, Virginia; and San Antonio.

Subsidiary Kaplan operates businesses in the US, Europe and Middle East, and the Asia/Pacific region.

Sales and Marketing

Graham Holdings serves across a diverse range of customers from industrial end markets, including renewable energy, metals and metalworking, oil and gas, satellite antennae and material handling sectors. Its Dekko products are sold through dealer and distribution channels and OEM customers, focused primarily on the North American market.

Financial Performance

Revenue for 2019 was $2.9 million, up 9% from $2.7 million in 2018 largely due to the acquisition of two automotive dealerships in January 2019 and the acquisition of Clyde's Restaurant Group (CRG) in July 2019. Revenues increased at the healthcare division, SocialCode and other businesses, partially offset by a decline at the television broadcasting and manufacturing divisions.

Net income increased that year, climbing 21% to $327.9 million, primarily because the company in 2019 reported a significant increase in other income.

Cash at the end of 2019 was $214.0 million, a decrease of $50.1 million from the prior year. Cash from operations contributed $165.2 million to the coffers, while investing activities used $236.7 million, mainly for capital expenditures and investments in businesses. Financing activities provided $18.7 million from its issuance of borrowings primarily.


The 2019 and 2018 capital expenditures are significantly higher than 2017 resulting from the construction of an academic and student residential facility in connection with Kaplan's Pathways program in Liverpool, U.K. and capital expenditures in connection with spectrum repacking at the Company's television stations in Detroit, MI, Jacksonville, FL, and Roanoke, VA, as mandated by the FCC; these spectrum repacking expenditures are expected to be largely reimbursed to the Company by the FCC.

Mergers and Acquisitions

In 2020, Graham acquired Framebridge, Inc., a custom framing service company, headquartered in Washington, DC, and has two retail locations in the greater metropolitan are, in addition to a manufacturing facility in Richmond, KY. The purchased price was not disclosed.

In 2019 Graham Holdings acquired Clyde's Restaurant Group, which includes about a dozen restaurants and entertainment venues in the Washington, DC metropolitan area. Also that year it purchased two automotive dealerships, Lexus of Rockville and Honda of Tysons Corner, from Sonic Automotive.

Company Background

Graham Holdings' history dates back more than 100 years. The group was once best known as the publisher of The Washington Post newspaper. Owned by the family of chairman Donald Graham for 80 years, the flagship newspaper was sold to internet mogul Jeff Bezos in 2013.

Graham Holdings Company

1300 17th St N FL 17
Arlington, VA 22209-3811
Phone: 1 (703) 345-6300

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: GHC
Stock Exchange: , NYSE
SVP Finance and CFO: Wallace R. Cooney
Chairman: Donald E. Graham
President, CEO, and Director: Timothy J. O'Shaughnessy
Employees (This Location): 2,800
Employees (All Locations): 12,053

Major Office Locations

Arlington, VA

Other Locations

Ardmore, AL
Elkmont, AL
Pine Bluff, AR
Tucson, AZ
Bakersfield, CA
Brea, CA
Chula Vista, CA
Encino, CA
North Hollywood, CA
Pasadena, CA
Riverside, CA
Salida, CA
San Diego, CA
Santa Barbara, CA
Whittier, CA
Colorado Springs, CO
Denver, CO
Stamford, CT
Washington, DC
Wilmington, DE
Fort Lauderdale, FL
Lauderhill, FL
Orlando, FL
Plantation, FL
Alpharetta, GA
Atlanta, GA
Marietta, GA
Thomson, GA
Cedar Falls, IA
Council Bluffs, IA
Davenport, IA
Des Moines, IA
Mason City, IA
Urbandale, IA
Chicago, IL
Downers Grove, IL
Marion, IL
Garrett, IN
Hammond, IN
Indianapolis, IN
Kendallville, IN
Laotto, IN
North Webster, IN
Portland, IN
Wolflake, IN
Boston, MA
Cambridge, MA
College Park, MD
Hagerstown, MD
Lutherville Timonium, MD
Augusta, ME
Lewiston, ME
Portland, ME
Brutus, MI
Detroit, MI
Grand Rapids, MI
Kalamazoo, MI
Saint Louis, MO
Ridgeland, MS
Charlotte, NC
Weldon, NC
Winston Salem, NC
Lincoln, NE
Omaha, NE
Albuquerque, NM
Flushing, NY
Ithaca, NY
New York, NY
White Plains, NY
Moraine, OH
Portland, OR
Winston, OR
Carlisle, PA
Oxford, PA
Philadelphia, PA
Greenville, SC
Dyersburg, TN
Knoxville, TN
Memphis, TN
Nashville, TN
Beaumont, TX
Houston, TX
Lubbock, TX
San Antonio, TX
Provo, UT
Alexandria, VA
Milford, VA
Des Moines, WA
La Crosse, WI
Milwaukee, WI
Belington, WV
Beijing, China
New Delhi, India
Conwy, Wales
Vancouver, Canada
Bournemouth, England
Hayle, England
London, England
Manchester, England