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A diversified media and education company. The Company operates principally in four areas of the media business: newspaper publishing, television broadcasting, magazine publishing and cable television.
The Washington Post is one of the most well-known newspaper names in the world. But like with the New York Times, WPO's business model is SO 20th-century, and if it's going to succeed in an era of up-to-the-minute information and on-demand news, it's got to change its current course. It continues to diversify into radio, television, and the Internet, but its smaller newspapers still aren't focusing nearly enough on their bread-and-butter: local and regional news. The national and international events of the day are already covered in great detail by cable, the Internet, and newspaper behemoths (such as its flagship) -- city newspapers would do well to remember this. Until it can do so -- and until it can further diversify into arenas that aren't fading into obsolescence -- I'm staying safely away.
I am bearish on the newspaper industry (And the print media in general, but the company has gotten some takers as it is looking to unload magazine assets) as the internet has destroyed much of its moat and I would be bearish on The Washington Post IF if got most of its revenues the print biz, but it does not. You are correct that WPO has moved in to cable which has a decent moat and free cash flow generation ability. However, the not so hidden gem you analysis misses is the education unit which along is worth $3B - $4B (Close to market cap of this company).
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