Feb 1 The Washington Post is the latest media
company contemplating selling its headquarters as it tries to
rein in costs.
Katharine Weymouth, the publisher of the Washington Post and
part of the Graham family that controls the paper, wrote to
employees about the move, according to a memo from Weymouth
obtained by Reuters.
"Our preliminary analysis suggests that a move will make
good operational and economic sense, however we have not yet
decided on where or when," Weymouth wrote.
The paper selected Studley, Inc and JM Zell Partners as its
real estate advisers to help locate potential new sites and find
The building - in the heart of Washington D.C. - has been
home to the newspaper since 1950, when the Graham family built a
$6 million plant with new presses and equipment. The paper moved
the presses out of the building more than 10 years ago.
By no means is the Washington Post the first publisher to
mine its real estate holdings for potential money. It's a trend
in newspaper industry that has been going on for several years
as a way to cope with drastic declines in advertising revenue
and staff reductions that have left swaths of empty space.
The Washington Post Co, which operates the
newspaper, reported that print advertising revenue fell 14
percent to $160.7 million for the first nine months of 2012.
The owner of the Philadelphia Inquirer and Daily News, for
example, sold its headquarter building recently.