Washington Post branches into healthcare sector
October 2 , 2012
The Washington Post is to acquire a majority stake in privately held Celtic Healthcare.
The move comes in a bid to diversify its interests as advertising revenue in its flagship paper continues to decline and its education division, Kaplan, faces challenges due to government regulation.
"Our acquisition of Celtic Healthcare is part of the Post Company's ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams," Donald Graham, chairman and CEO of the Washington Post, said in a statement on Monday
The details of the transaction have not been disclosed.
In recent years, Kaplan along with other for-profit colleges has come under scrutiny over it has misused government funds.
In addition, print advertising dropped 15 percent to $56.7 million in the second quarter.