Business

Washington Post execs bury heads in sand after 66% decline in profit

Another day, another first-quarter earning report — and the Washington Post Company is not doing too well. But wait, what? Did someone say something? No! Just run, and hide…quick!

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.

Full story: Washington Post execs bury heads in sand after 66% decline in profit