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Post-Newsweek Revenue Down 21%

Post-Newsweek reported first quarter revenue of $61.2 million, a 21% slide from the $77.7 million the group made in the first quarter last year. Operating income for the quarter was down 54% to $12.1 million.

"The decrease in revenue and operating income is due to weaker advertising demand in all markets and most product categories, particularly automotive; political advertising revenue also declined by $2.8 million," the company said in a statement.

Parent Washington Post Company reported first quarter revenue of $1,054.1 million, down 1% from the same quarter last year. It stated a net loss of $19.5 million ($2.04 loss per share) for its first quarter, compared to net income of $39.3 million ($4.08 per share) in the first quarter of last year.

Cable television had $183.5 million in revenue for the first quarter, a 5% increase. Newspaper publishing was $160.9 million, down 22%, while magazine revenue was down 14%.

Post-Newsweek owns six stations, including WDIV Detroit and KPRC Houston.