Washington Post 2000 Annual Report Download - page 23

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IM ISUBSEQUENT EVENTS (UNAUDITED)
On January 12, 2001, the Company completed the sale of a cable
system serving about 15,000 subscribers in Greenwood, Indiana,
for $61,900,000. In a related transaction, on March 1, 2001, the
Company completed a cable system exchange with AT&T Broadband
whereby the Company exchanged its cable systems in Modesto and
Santa Rosa, California, and approximately $42,000,000 to AT&T
Broadband for cable systems serving approximately 155,000 sub-
scribers principally located in Idaho. For income tax purposes, these
transactions qualify as like-kind exchanges and are substantially tax
free in nature. However, the Company will record a book accounting
gain of approximately $195.3 million ($20.50 per share) in its earnings
for the first quarter of 2001.
On February 28, 2001, the Company acquired Southern Maryland
Newspapers, a division of Chesapeake Publishing Corp. Southern
Maryland Newspapers publishes the Maryland Independent in Charles
County, Maryland; the Lexington Park Enterprise in St. Mary’s County,
Maryland; and the Recorder in Calvert County, Maryland. The acquired
newspapers have a combined total paid circulation of 50,000.
48 The Washington Post Company