Post-Newsweek Group, Cable One Not Part of Washington Post SaleAmazon founder Bezos to acquire storied paper for $250 million 8/05/2013 05:30:38 PM Eastern
The Washington Post has been sold for $250 million to an Internet mogul, but the TV stations and cable operations are staying put.
The Post-Newsweek TV stations and Cable One cable service/ISP subsidiary are not part of Jeffrey Bezos' agreement to acquire the group's corporate sibling, the daily paper The Washington Post, and other owned newspapers.
The pending sale covers the flagship Post along with the Express, The Gazette Newspapers, Southern Maryland Newspapers, Fairfax County Times, El Tiempo Latino and Greater Washington Publishing.
Emily Barr heads up the Post-Newsweek stations, which are in Miami, Jacksonville, Orlando, Detroit, Houston and San Antonio.
Washington Post Co. revenue for the second quarter was just over $1 billion, up 3% from the second quarter of 2012. Post-Newsweek had earnings of $99.3 million, an increase of 4% over the same quarter a year ago. Cable television division revenue increased 5% to $204.6 million in the quarter.
By contrast, the newspaper division has "suffered a 44% decline in operating revenue over the past six years," according to the Post.