Washington—The Washington Post Co., which announced earlier this week that it has put Newsweek on the block, Friday reported first-quarter net income of $45.4 million. That compared with a net loss of $19.2 million in the same period last year.
Revenue for the first quarter increased to $1.17 billion, up 11% from a year earlier. The company saw its education, broadcasting and cable TV divisions increase revenue, while its magazine and newspaper divisions posted revenue declines.
Revenue for the company's magazine publishing division declined 36% to $29.4 million. The company attributed the decline in part to a 38% reduction in advertising revenue at Newsweek.