Bad news for the once-legendary Washington Post is good news for America…
Thanks to other businesses, including a number of television stations, The Washington Post Co. was able to make a slim profit in the first quarter of 2013, but earnings still fell 85% over last year. What dragged the company down as a whole was The Washington Post newspaper.
Daily circulation fell over 7.2%, Sunday circulation (a huge revenue day) fell by 7.7%, and overall advertising revenue fell by 8%.
Out of desperation, the Post is planning to install an online paywall later in the year. Currently, the Post has only 42,313 online subscribers and its overall circulation places it 7th in the nation.
In its quarterly report, the company noted that a large portion of its losses came from $25.3 million in one-time payouts for early retirement, severance, and restructuring.
Another sign of the Post’s ongoing financial woes is its decision to move from its famous headquarters located just four blocks from the White House. This has been the Post’s home since 1950. The building became iconic during the Watergate scandal with the help of the 1976 film “All the President’s Men.”
So it looks as though, as far as objective, quality journalism goes, combined with its actual physical location, the Post is officially a shell of what it once was.
Follow John Nolte on Twitter @NolteNC