Washington Post Profits Down 39%
The Washington Post released their Q1’ numbers on Friday and the publishing company reported a 39% drop in overall profits, largely due to an early retirement program charge at Newsweek. The profit reduction of 39% equates to almost 25 million dollars and although the activity at Newsweek has been labeled the cause, the newspaper revenue performance at the Post has been on a continuous downturn and has had a negative affect on the publishers revenues.
- Print revenue was down 6%
- Online revenues grew by 8%
- The cable television unit grew by 17%
- The magazine division saw a 13% decrease in revenue
How does the Post compare to publishing groups in their rank? Well, The New York Times reported an overall 4.9% drop in revenues and only a 335 thousand dollar decrease in profits, Q1′ of this year.
