WaPo Dives 10%, Hits Across Divisions
Friday brought more discouraging news for newspaper publishers, with the Washington Post Company announcing another round of revenue declines in the fourth quarter of 2011.
WaPo’s total revenues declined 10% to $1.06 billion in the fourth quarter of 2011, due to declines at the company’s newspaper publishing, education, and broadcast TV divisions. Revenues were flat at WaPo’s cable TV division. Full-year revenues also declined 10% to $4.21 billion in 2011.
Total revenues for the newspaper publishing division declined 4% to $181 million in Q4. This was attributed mostly to continuing declines in print advertising revenue at The Washington Post, which sank 6% to $77.1 million. For the full year, newspaper publishing revenues fell 5% to $648.0 million in 2011, due again to declines in print advertising revenue, which sank 11% to $264.5 million.
The company sustained losses in other divisions, as well. The educational unit, which includes Kaplan higher education, test prep and related businesses, saw total revenues decline 14% to $597.7 million in the fourth quarter of 2011. For the full year, revenues fell 14% to $2.47 billion in 2011.
The company’s broadcast TV division saw revenue decline 7% to $319 million in 2011, due mostly to the absence of political and Olympics advertising. WaPo’s cable TV revenues were basically flat at $191 million in the fourth quarter and $760 million for the full year.