Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 21

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 21
---
 advertising revenue declines and continued significant operating losses at WGB, the Company recorded a $50.2 million goodwill impairment charge in the third quarter of 2023. In the second quarter of 2024, the Company recorded an additional $26.3 million in goodwill and intangible asset impairment charges at WGB. Excluding these impairment charges, losses were down modestly in 2024.

Clyde’s Restaurant Group

CRG owns and operates 14 restaurants and entertainment venues in the Washington, D.C. metropolitan area, including Old Ebbitt Grill and The Hamilton. In July 2024, CRG opened Rye Street Tavern, a new restaurant in Baltimore, MD. In November 2024, CRG opened Cordelia Fishbar, a new restaurant in Washington, D.C. Revenue increased in 2024 due to the new restaurant openings and modest price increases. CRG reported an operating profit in 2024 and 2023. Overall, operating results declined in 2024; excluding pre-opening expenses incurred for new restaurants, operating results improved.

CRG plans to open a new restaurant in Reston, VA in 2026.

58

Framebridge

Framebridge is a custom framing service company, headquartered in Washington, D.C., with 32 retail locations and two manufacturing facilities in Kentucky and Virginia. Framebridge opened 10 new stores in 2024 and continues to actively explore opportunities for further store expansion. Revenues increased in 2024 due to an increase in retail revenue from same-store sales growth and operating additional retail stores compared to 2023, as well as higher online revenues, particularly during the holiday season. Framebridge is an investment stage business and reported significant operating losses in 2024 and 2023. Excluding increased pension expense, operating losses at Framebridge in 2024 were similar to losses in 2023.

In the first and second quarters of 2024, Framebridge offered a SIP; $1.4 million in related non-operating pension expense was recorded.

Other

Other businesses also include Code3, a performance marketing agency focused on driving performance for brands through three core elements of digital success: media, creative and commerce; Slate and Foreign Policy, which publish online and print magazines and websites; and three investment stage businesses, Decile, City Cast and Supporting Cast. Slate, City Cast, Supporting Cast and Decile reported revenue growth in 2024, while Code3 and Foreign Policy reported a revenue decline. Losses from City Cast, Decile