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PART I
Item 1. Business.
The Washington Post Company (the “Company”) is a diversified education and media company. The Company’s Kaplan
subsidiary provides a wide variety of educational services, both domestically and outside the United States. The
Company’s media operations consist of the ownership and operation of cable television systems, newspaper publishing
(principally The Washington Post) and television broadcasting (through the ownership and operation of six television
broadcast stations). The Company sold Newsweek magazine in the third quarter of 2010.
Information concerning the consolidated operating revenues, consolidated income from operations and identifiable assets
attributable to the principal segments of the Company’s business for the last three fiscal years is contained in Note R to the
Company’s Consolidated Financial Statements appearing elsewhere in this Annual Report on Form 10-K. Revenues for
each segment are shown in Note R gross of intersegment sales. Consolidated revenues are reported net of intersegment
sales, which did not exceed 0.1% of consolidated operating revenues.
The Company’s operations in geographic areas outside the United States consist primarily of Kaplan’s foreign operations
and formerly, the publication of the international editions of Newsweek. During the fiscal years 2010, 2009 and 2008,
these operations accounted for approximately 11%, 12% and 13%, respectively, of the Company’s consolidated
revenues, and the identifiable assets attributable to foreign operations represented approximately 13% of the Company’s
consolidated assets at each of January 2, 2011, January 3, 2010, and December 28, 2008.
Education
Kaplan, Inc., a subsidiary of the Company, provides an extensive range of education and related services worldwide for
students and professionals. Kaplan conducts its operations through four segments: Kaplan Higher Education, Kaplan Test
Preparation, Kaplan International and Kaplan Ventures.
The following table presents the net revenue for the three years ended December 31, 2010, 2009 and 2008 for each
of Kaplan’s reportable segments:
(in millions)
Year Ended December 31
2010 2009 2008
Kaplan Higher Education .......................... $1,789.0 $1,539.2 $1,160.1
Kaplan Test Preparation ............................ 415.7 442.1 511.7
Kaplan International .............................. 585.9 537.2 545.1
Kaplan Ventures ................................. 114.0 126.4 121.7
Kaplan Corporate and Intersegment Eliminations .......... (2.8) (8.3) (7.0)
Net Revenue .................................. $2,901.8 $2,636.6 $2,331.6
See Note R to the Company’s Consolidated Financial Statements for the segment information required by Items 101(b)
and 101(d) of Regulation S-K.
Kaplan Higher Education
Kaplan Higher Education provides a wide array of certificate, diploma and degree programs—on campus and online—
designed to meet the needs of students seeking to advance their education and career goals.
In 2010, Kaplan’s U.S.-based higher education division included the following businesses: Kaplan University and Kaplan
Higher Education Campuses. Each of these businesses is described briefly below.
Kaplan University
Kaplan University specializes in online education, is accredited by the Higher Learning Commission of the North Central
Association of Colleges and Schools and holds other programmatic accreditations. Most of Kaplan University’s programs
are offered online, while some are offered in a traditional classroom format at 12 campuses in Iowa, Maine, Maryland
and Nebraska, and 5 Kaplan University Learning Centers in 4 additional states. Kaplan University also includes Concord
Law School, a fully online law school. At year-end 2010, Kaplan University had approximately 58,200 students enrolled
in online programs and 7,400 students enrolled in its classroom-based programs.
Kaplan Higher Education Campuses
At the end of 2010, Kaplan’s Higher Education Campuses business consisted of 63 schools in 17 states that were
providing classroom-based instruction to approximately 38,500 students (including the 7,400 students enrolled at Kaplan
2010 FORM 10-K 1