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These are grim days for the Washington Post Co. As pointed out in the Washington Business Journal, the company’s outlook has been downgraded from “stable” to “negative” by Standard & Poor‘s. Other lowlights:
*Newspaper and magazine publishing now account for only 26 percent of its sales. The company is mainly an education concern, what with the phenomenal growth of its education arm, Kaplan.
*The Post Co. reported losses of $2.7 million in the second quarter of this year—its first operating losses in 37 years.
*The company’s stock has done an absolute nosedive this year, losing around 60 percent of its value.
The company will soon announce its third quarter results. Anyone betting on a turnaround?