WASHINGTON--(BUSINESS WIRE)--Nov. 13, 2014--
Graham Holdings Company (NYSE: GHC) today announced that its Board of
Directors has authorized management to proceed with plans for the
complete legal and structural separation of Cable ONE, Inc., a Graham
Holdings subsidiary, from Graham Holdings. Following the proposed
transaction, Cable ONE will be an independent, publicly traded company.
Graham Holdings intends to complete the proposed transaction in 2015.
“After a careful review of strategic options, we believe that a
separation of Graham Holdings and Cable ONE will create value for the
companies and our shareholders,” said Donald E. Graham, chairman of the
Board of Directors. “The separation will position Graham Holdings to
pursue continued growth opportunities, while enabling Cable ONE to focus
entirely on its video, Internet and voice services and to attract a more
natural stockholder base.”
The proposed transaction will be structured as a tax-free spin-off of
Cable ONE to the stockholders of Graham Holdings. The transaction is
contingent on the satisfaction of a number of conditions, including
completion of the review process by the Securities and Exchange
Commission of required filings under applicable securities regulations,
other applicable regulatory approvals and the final approval of
transaction terms by the Board of Directors of Graham Holdings.
About Graham Holdings Company(www.ghco.com)
Graham Holdings Company (NYSE: GHC) is a diversified education and media
company whose principal operations include educational services,
television broadcasting, cable systems and online, print and local TV
news. The Company owns Kaplan, a leading global provider of educational
services; Graham Media Group (KPRC–Houston, WDIV–Detroit, WKMG–Orlando,
KSAT–San Antonio, WJXT–Jacksonville); Cable ONE, serving small-city
subscribers in 19 midwestern, western and southern states; The Slate
Group (Slate, Slate V, TheRoot); and Foreign Policy. The Company also
owns Trove, a digital team focused on innovation and experimentation
with emerging technologies; SocialCode, a leading social marketing
solutions company; Celtic Healthcare; Forney Corporation; Joyce/Dayton
Corp; and Residential Healthcare Group.
Source: Graham Holdings Company
Graham Holdings Company
Rima Calderon, 703-345-6358
Rima.Calderon@ghco.com
