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About Graham Holdings Company

Graham Holdings is a media and education company, but it 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. 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. Kaplan sold its online institution Kaplan University to Purdue University in 2018. 


Graham Holdings operates through three operating divisions: Education, Television Broadcasting, and Other Businesses.

The Education segment (about 60% of total revenue) operates Kaplan, which provides a wide variety of educational services worldwide. Kaplan Test Preparation enrolls more than 350,000 students in its courses. Kaplan International operates in Europe, the US, and the Asia/Pacific region. In recent years, Kaplan University had declining enrollments, which brought down revenue; Kaplan sold the university in 2018.

The Television Broadcasting segment (more than 15%) comprises the ownership and operation of television broadcasting (through the ownership and operation of seven television broadcast stations), plus Slate and Foreign Policy magazines.

Other Businesses (about 25%) include home health and hospice providers, four industrial companies, and Social Code, a social media marketing specialist.

Geographic Reach

Graham Holdings is headquartered in Virginia. Kaplan International operates businesses in the US, Europe, and the Asia/Pacific region.

Kaplan operates 40 English-language schools. It has about 20 in the UK, Ireland, Australia, New Zealand and Canada, and about 20 in the US.

In the Asia/Pacific region Kaplan operates businesses primarily in Singapore, Australia, New Zealand, Hong Kong and China.

The Graham Media Group owns television stations in Detroit; Houston; Jacksonville; Orlando, Florida; Roanoke, Virginia; and San Antonio.

Financial Performance

Graham Holdings' revenue declined in the couple of years after the company sold its former flagship newspaper The Washington Post, but revenue recovered in 2017. Net income has been very turbulent in the past few years, rising to $1.3 billion in 2014 and sinking to a $101 million net loss in 2015.

In 2017 revenue increased 4% to $2.6 billion. A 5% revenue decline in the education division and an 8% decline in the advertising division were somewhat offset by a 39% increase in other revenue. The absence of significant political and Olympics-related programming in 2017 brought down advertising revenue. However, the company's purchase of Hoover Treated Wood Products boosted other revenue.

Thanks to the higher revenue, plus a benefit from provision for income taxes, net income rose 80% to $302 million in 2017.

The company ended 2017 with $407.6 million in net cash, $263 million less than it had at the end of 2016. Operating activities provided $268.1 million in cash, while investing activities (business acquisition) used $442 million and financing activities used $100.1 million.


Like other newspaper and magazine publishers, Graham Holdings has struggled to manage the long, slow decline of print publications and advertising spending. Diversification in the form of acquisitions is a big part of the company's ongoing strategy. It seeks firms with demonstrated earnings potential and strong management that fit with its own decentralized operating philosophy.

Mergers and Acquisitions

Graham Holdings acquired Hoover Treated Wood Products in 2017. The Georgia-based Hoover supplies pressure-impregnated, kiln-dried lumber and plywood products.

In January 2017 Graham Holdings acquired WCWJ, a CW affiliate television station in Jacksonville, and WSLS, an NBC affiliate television station in Roanoke, Virginia, for $60 million.

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 N 17TH ST
Arlington, VA 22209-3816
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): 11,100

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