City Paper is not for tourists
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?