Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 162

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 2
Chunk 162
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 to a $33.4 million decrease in political advertising revenue, a $2.3 million decrease in retransmission revenue and declines in local and digital advertising revenue. Operating income for the third quarter of 2025 was down 57% to $26.8 million, from $61.9 million in the same period of 2024, due to lower revenues, partially offset by lower overall costs.

Revenue at the television broadcasting division was down 16% to $314.6 million in the first nine months of 2025, from $374.0 million in the same period of 2024. The revenue decline is due to a $39.5 million decrease in political advertising revenue, a $6.4 million decrease in retransmission revenue and declines in local and digital advertising revenue. Operating income for the first nine months of 2025 was down 36% to $79.1 million, from $122.7 million in the same period of 2024, due to lower revenues, partially offset by lower overall costs. While per subscriber rates from cable, satellite and OTT providers have grown, overall cable and satellite subscribers are down due to cord cutting, resulting in retransmission revenue net of network fees in 2025 expected to decline compared with 2024, and this trend is expected to continue.

In the second and third quarters of 2025, the Company offered SIPs to certain employees at the television broadcasting division; $0.1 million in related non-operating pension expense was recorded. In the second quarter of 2024, the Company offered a VRIP to certain employees at the television broadcasting division; $14.3 million in related non-operating pension expense was recorded in the second quarter of 2024. These programs were funded from the assets of the Company’s pension plan.

Manufacturing

A summary of manufacturing’s operating results is as follows:

Three Months EndedNine Months Ended  September 30  September 30  (in thousands)20252024% Change20252024% ChangeRevenue$124,257 $95,385 30 $318,480 $300,914 6 Operating Income6,695 4,495 49 19,741 11,829 67 

Manufacturing includes four businesses: Hoover, a supplier of pressure impregnated kiln-dried lumber and plywood products for fire retardant and preservative applications; Dekko, a manufacturer of electrical workspace solutions, architectural lighting and electrical