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2005 ANNUAL REPORT 11
1971. We have four large media businesses. The
10- to 20-year future of each of them is tough to
foretell. The good news is: all of us know that.
We’ve been preparing for a different kind of future.
The importance of The Post’s and Newsweek’s
reporting is greater than ever. It’s also impor-
tant to us — as it is to you — that they remain
strong businesses.
We are fortunate that, thanks to the work of
Jonathan Grayer and hundreds of strong man-
agers, Kaplan has grown into an outstanding
business — one that may grow quite a bit.
But the future success of the company will
depend as much on the managers of our media
businesses, who are, I think, the best in their fields.
The challenge is the same as ever: to produce
newspapers, magazines and programming that
are important to readers and viewers, and to pro-
duce top business results.
We’ll keep you posted.
Donald E. Graham
Chairman of the Board
Chief Executive Officer
February 24, 2006