Feb. 25 (Bloomberg) — Washington Post Co., publisher of the namesake newspaper and Newsweek magazine, said fourth- quarter profit fell 77 percent as advertising sales declined and it wrote down the value of some assets.
Net income plunged to $18.8 million, or $2.01 per share, from $82.9 million, or $8.71, a year earlier, the Washington- based company said today in a statement. Sales gained 3 percent to $1.16 billion, helped by a revenue increase in the education division.
Newspaper publishers including New York Times Co. and Gannett Co. are cutting jobs and seeking to sell assets as print ad sales slide. Journal Register Co. and Philadelphia Newspapers LLC, publisher of the Philadelphia Inquirer and Daily News, filed for bankruptcy protection over the weekend.