Washington Post Execs Bury Heads In Sand After 66% Decline In Profit
12:06 pm, May 6th | by Hillary Reinsberg
The company, which owns the Washington Post newspaper and the Kaplan education company, reported profit was down 66 percent this quarter, but (as far as we can tell) no higher-ups at the company have made a statement about it, except for an ever-present, unnamed spokesperson.
Oh, so blame the “new media” and “the death of print newspapers,” yeah? No, actually. The decline in profits, says Reuters, is mostly tied to Kaplan, the famous test-preparation and continuing education services company. New enrollment at the Kaplan programs was down 48 percent.
Where is CEO Donald Graham, whose family has long reigned over the WaPo empire? Or even the vice chairman, Boisfeuillet Jones, Jr.? Nowhere to be found.
This was the best we got: “The company expects Kaplan Higher Education’s operating income to continue to decline very substantially for the remainder of 2011 versus prior year performance, due to lower student enrollment levels,” the company said in a (nameless) statement.
Graham isn’t commenting on the state of the Post or the tribulation of Kaplan right now — but in December, he did defend Kaplan. “I believe in what Kaplan Higher Education does. I think its work benefits its students and in a sense benefits the country by educating people who need the education,” the Washington Post (who else!) quoted him as saying.
We’ve got a feeling that, despite profit declines, Graham is doing just fine. He’s a longtime investor and member of the exclusive board of directors at Facebook.