UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON, DC 20549

                             FORM 8-K


          Current Report Pursuant to Section 13 or 15(d)
              of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 20, 2005

                    THE WASHINGTON POST COMPANY
       Exact name of registrant as specified in its charter)

      Delaware               1-6714               53-0182885
   (State or other      (Commission File         (IRS Employer
   jurisdiction of           Number)          Identification No.)
   incorporation)


  1150 15th Street,                                  20071
N.W. Washington, D.C.                             (Zip Code)
(Address of principal
 executive offices)


                          (202) 334-6000
       (Registrant's telephone number, including area code)

                          Not Applicable
  (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

[  ] Written communications pursuant to Rule 425 under the
     Securities Act (17 CFR 230.425)
[  ] Soliciting material pursuant to Rule 14a-12 under the
     Exchange Act (17 CFR 240.14a-12)
[  ] Pre-commencement communications pursuant to Rule 14d-2(b)
     under the Exchange Act (17 CFR 240.14d-2(b))
[  ] Pre-commencement communications pursuant to Rule 13e-4(c)
     under the Exchange Act (17 CFR 240.13e-4(c))


Section 1 - Registrant's Business and Operations

Item 1.01 Entry into a Material Definitive Agreement

     Item 1.01(a) On January 20, 2005, the Board of
Directors of the Company approved a series of amendments
relating to the administration of The Washington Post Company
Incentive Compensation Plan (the Plan).  In addition,
the Plan was amended to increase (i) the maximum amount
that can be given as an annual incentive compensation award
to a participant in a given year, and (ii) the maximum payout
of Performance Units at the end of an Award Cycle to a
participant, in each case to $5 million.  The Plan was also
amended to clarify that the limitation in the Plan on the
maximum number of shares of Restricted Stock that can be
awarded to any participant must take into account the number
of shares of Restricted Stock previously awarded to that
participant under all then outstanding unexpired Award Cycles.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

     Item 9.01(c) Exhibits

     Exhibit No.	Description

     10.1		The Washington Post Company Incentive Compensation
			Plan as adopted January 20, 2005.



                           SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.

                                   The Washington Post Company
                                          (Registrant)

Date January 20, 2005             /s/ John B. Morse, Jr.
                                          (Signature)
                                       John B. Morse, Jr.
                                     Vice President, Finance



                           EXHIBIT INDEX


Exhibit No.	Description


Exhibit 10.1	The Washington Post Company Incentive
		Compensation Plan as adopted
		January 20, 2005.



THE WASHINGTON POST COMPANY
INCENTIVE COMPENSATION PLAN

As adopted January 20, 2005


Table of Contents


1.  Purposes				1
2.  Administration of the Plan		1
3.  Participation			2
4.  Duration of Plan			2
5.  Annual Incentive Provision		2
6.  Determination of Annual Awards	4
7.  Method Payment of Annual Awards
	and Time of Payment		5
8.  Long-Term Incentive Award Cycles;
	Awards				5
9.  Restricted Stock			6
10.  Performance Units			11
11.  Expenses				14
12.  Adjustments in Class B Common
	Stock				14
13.  Amendment				14


	THE WASHINGTON POST COMPANY
	INCENTIVE COMPENSATION PLAN

	   As Amended and Restated

	  Effective December 1, 2004

	 and Adopted January 20, 2005


1.  Purposes

	The purposes of this Incentive Compensation
Plan (hereinafter called the Plan) of The Washington Post
Company, a Delaware corporation (hereinafter called the
Company), are (a) to provide greater incentives to key
employees to increase the profitability of the Company and
its subsidiaries and (b) to strengthen the ability of the
Company and its subsidiaries to attract, motivate and retain
persons of merit and competence upon which, in large measure,
continued growth and profitability depend.

2.  Administration of the Plan
	The Plan shall be administered by the
Compensation Committee of the Board of Directors of the
Company (hereinafter called the Committee) as constituted
from time to time by the Board of Directors.  No member of
the Committee shall be eligible to participate in the Plan.
The Committee shall have full power and authority to make
all decisions and determinations with respect to the Plan,
including without limitation the power and authority to
interpret and administer the Plan, adopt rules and regulations
and establish terms and conditions, not inconsistent with the
provisions of the Plan, for the administration of its business
and the implementation of the Plan.

3.  Participation
	(a)  Participation in the Plan shall be extended
to senior executives, key managers and key personnel of the
Company and its subsidiaries who, in the opinion of the
Committee, are mainly responsible for the management of
the operations of the Company and its subsidiaries or who
are otherwise in a position to make substantial contributions
to the management, growth and/or success of the business of
the Company.
	(b)  Directors, as such, shall not participate in
the Plan, but the fact that an employee is also a Director
of the Company or a subsidiary shall not prevent his or her
participation.
	(c)  As used in the Plan, the term Company shall mean
The Washington Post Company and any subsidiary thereof.
	(d)  The Plan shall not be deemed to preclude the making
of any award pursuant to any other compensation, incentive,
bonus or stock option plan which may be in effect from time
to time.

4.  Duration of Plan
	The Plan shall remain in effect until terminated
by the Board of Directors; provided, however, that the
termination of the Plan shall not affect the delivery or
payment of any award made prior to the termination of the
Plan.

5.  Annual Incentive Provision
	(a) For each fiscal year, the Committee may
make incentive awards in an aggregate amount not to exceed
the Maximum Incentive Credit (as hereinafter defined) for
such year (the Annual Award).
	(b)  The term Maximum Incentive Credit, as used
herein, shall mean for any year an amount determined as
follows:  (i) there shall first be calculated an amount
equal to twelve (12) percent of Stockholders Equity
(hereinafter called the Basic Return on Equity);
(ii) there shall then be deducted from Consolidated Profit
Before Income Taxes an amount equal to the Basic Return
on Equity, the excess (if any) being hereinafter called
Incentive Profit; (iii) the Maximum Incentive Credit
shall be ten (10) percent of Incentive Profit.  The term
Consolidated Profit Before Income Taxes, as used herein,
shall mean for any year the sum of (i) the profit before
income taxes (exclusive of special credits and charges and
extraordinary items) included in the Consolidated Statement
of Income of the Company for such year and (ii) the amount of
incentive compensation provided for in computing such profit
before income taxes.  The term Shareholders Equity, as
used herein, shall mean for any year the amount reported as
stockholders equity (or the comparable item, however
designated) at the end of the preceding year as included
in the Consolidated Balance Sheet of the Company for the
preceding year, with appropriate pro rata adjustments, as
approved by the Committee, for any change during the year
arising from any increase or decrease in outstanding capital
stock.
	(c)  During the last month of each fiscal year, the
Vice President-Finance of the Company shall advise the
Committee of the estimated Maximum Incentive Credit for
such fiscal year and the Committee shall determine the
employees who are to receive awards for such fiscal year
and the amount of each such award.
	(d)  As soon as practicable after the close of each
fiscal year, the Companys independent public accountants
shall calculate and certify to the Committee the Maximum
Incentive Credit for such fiscal year.
	(e)  The amount determined and reported by the
Companys independent auditors as the Maximum Incentive
Credit for any fiscal year shall be final, conclusive
and binding upon all parties, including the Company,
its stockholders and employees, notwithstanding any
subsequent special item or surplus charge or credit
that may be considered applicable in whole or in part
to such fiscal year; provided that if the amount actually
awarded for any fiscal year should later be determined by
a court of competent jurisdiction to have exceeded the
Maximum Incentive Credit for such fiscal year, the Maximum
Incentive Credit for the fiscal year next succeeding such
determination shall be reduced by the amount of such excess.
Any such excess shall thus be corrected exclusively by
adjustments of the amounts subsequently available for
awards and not by recourse to the Company, the Board of
Directors, the Committee, any participant or any other person.

6.  Determination of Annual Awards
	The Committee shall determine the participants to
receive incentive awards for each fiscal year, the amount
and the form of each award (which shall not exceed in value
the lesser of 200% of a participants base earnings or $5
million), and the other terms and conditions applicable
thereto.  Specifically, the Committee shall establish
performance goals related to operating income, cash flow,
earnings per share, return on assets, return on equity,
operating margins, economic value added (EVA), cash flow
margins, shareholder return, cost control and/ revenue
growth measurements, which may be in respect of the Company,
as a whole, or any business unit thereof, before the
commencement of the services to which an incentive award
relates and in no event later than March 31 of the year to
which the award relates or such other date as may be permitted
under the Internal Revenue Code.

7.  Method Payment of Annual Awards and Time of Payment
	(a)  All Annual Awards shall be made in cash.
	(b)  All Annual Awards shall be paid in a lump sum
in the year following the fiscal year to which the award
relates as soon as practicable after the grant of the award
by the Committee, except as otherwise provided herein below.
	(c)  When payments of Annual Awards are not to be
made in a lump sum in the year of the award, the Committee
shall fix the time or times of payments or distributions,
and may impose such terms and conditions with respect to the
making of payments or distributions and forfeitures thereof,
as in its judgment will best serve the interests of the
Company and the purposes of the Plan.
		(d)  The Committee may also, in its sole
discretion, establish terms and conditions under which a
participant may elect to defer the payment of an award in
whole or in part pursuant to The Washington Post Company
Deferred Compensation Plan (the Deferred Compensation
Plan).
8.  Long-Term Incentive Award Cycles; Awards
		(a)  During the term of the Plan, the
Committee shall from time to time establish Award Cycles,
each of which shall commence on a date specified by the
Committee and shall terminate no earlier than the third
anniversary date of the commencement of such Award Cycle
or such other later anniversary date as specified by the
Committee (subject to subparagraph 9(c)(ii) below);
provided, however, with respect to the granting of
Performance Units, an Award Cycle shall (i) commence
on the first day of a fiscal year of the Company,
(ii) consist of not less than three nor more than four
fiscal years of the Company, and (iii) at least two such
fiscal years shall elapse between the beginning of consecutive
Award Cycles.
	(b)  For each Award Cycle, the Committee shall
	(i)  designate the participants who are to receive
awards of Restricted Stock for such Award Cycle and, subject
to paragraph 9(a), the number of shares of Restricted Stock
awarded to each such participant,
	(ii)  designate, subject to paragraph 10(a),
the participants who are to receive awards of Performance Units
for such Award Cycle and the number of Performance Units awarded
to each such participant, and
	(iii)  establish, subject to paragraph 10(b), the
method for determining at the end of such Award Cycle the
value of a Performance Unit awarded at the beginning of
such Award Cycle.

9.  Restricted Stock
	(a)  To each participant designated to
receive an award of Restricted Stock for an Award Cycle,
there shall be (1) issued (subject to subparagraph (b) below)
a stock certificate, registered in the name of such participant,
or (2) a book entry made in the name of such participant, in
each case representing such number of restricted shares of
Class B Common Stock of the Company (hereinafter called Common
Stock) as the Committee shall determine (hereinafter called
Restricted Stock); provided, however, that at any time, not
more than 10,000 share of such Common Stock may be awarded
to any participant under all outstanding unexpired Award Cycles.
	(b)  Within 30 days after the effective date
of a Restricted Stock award, each recipient of such an award
shall deliver to the Company (i) an executed copy of a
Restricted Stock Agreement containing the terms and provisions
set forth in subparagraph (c) below and (ii) a stock power
executed in blank.  Upon receipt of such agreement and stock
power executed by the participant, the Company shall cause
the stock certificate referred to in subparagraph (a) to be
issued in the name of the participant and delivered to the
Secretary of the Company in custody for such participant or
the book entry referred to in subparagraph (a) to be made in
the name of the participant on the books of the Company.
The failure of a participant to return such agreement and
stock power within such 30-day period without cause shall
result in cancellation of the Restricted Stock Award to
such participant, and no stock certificate therefor shall
be issued in the participants name or book entry be made
in the participants name.
	(c)  Each Restricted Stock Agreement accompanying
an award of Restricted Stock made for an Award Cycle shall
contain the following provisions, together with such other
provisions as the Committee shall determine:
	(i)  Except as hereinafter provided, none
of the shares of Restricted Stock subject thereto may be
sold, transferred, assigned, pledged or otherwise disposed
of before the date or dates established in the applicable
Restricted Stock Agreement (hereinafter called the Vesting
Date(s)).
	(ii)  Except as provided below, if the participant
is continuously employed by the Company until the occurrence
of an applicable Vesting Date, the restriction set forth in
subparagraph (c)(i) above shall terminate on such Vesting Date
as to all the shares of Restricted Stock associated with that
Vesting Date.  In the event that the participant takes a leave
of absence at any time during an Award Cycle (for Award Cycles
after September 9, 2004), the Vesting Date or Dates for such
grant may, in the sole discretion of the Compensation Committee,
be extended by a period up to the equivalent number of days that
the participant was out on a leave of absence (the Extended
Vesting Date(s)) and the restrictions set forth in subparagraph
(c)(i) above shall terminate on such Extended Vesting Date or
Dates.  Notwithstanding any of the foregoing, in the case of a
participant who is an executive officer of the Company at the
time of the award, the Committee shall, prior to the beginning
of each Award Cycle, establish a formula based on cash flow,
operating income, earnings per share, economic value added (EVA),
return on assets, total return on equity of the Company,
operating margins, cash flow margins, shareholder return,
cost control and/or revenue growth measurements over the
period of the Award Cycle, which will have to be achieved
if the restriction set forth in subparagraph (c)(i) above
is to terminate as provided in this subparagraph (c)(ii).
	(iii)  If the participants employment by the
Company terminates before the Vesting Date or Extended
Vesting Date, as the case may be, the restriction set
forth in paragraph (c)(i) shall terminate on the date
the participants employment terminates (including by
reason of death or disability) as to a percentage of
the number of shares of Restricted Stock originally
awarded (rounded to the nearest whole share) determined
as set forth below (and ownership of all shares of
Restricted Stock as to which such restriction shall not so
terminate shall forthwith revert to the Company):
		(A)  if termination is by reason of death,
disability or retirement at Normal Retirement Age (as
defined in the Companys Retirement Plan), the percentage
determined by dividing (i) the number of full months elapsed
from the effective date of the award to the date of such
termination (less, at the discretion of the Compensation
Committee, the period of full months that a participant
was on a leave of absence during the Award Cycle (for
Award Cycles commencing after September 9, 2004) by
(ii) the number of full months from such effective date to
the Vesting Date for such Award Cycle (such percentage being
hereinafter called the Pro-Rated Percentage);
		(B)  if termination is by reason of retirement
at or after age 55, but prior to Normal Retirement Age (as
defined in the Companys Retirement Plan), such percentage
(not greater than the Pro-Rated Percentage) as the Committee
may, in its sole discretion, determine;
		(C)  if termination occurs for any other
reason (voluntary or involuntary) more than two years from
the effective date of the award, such percentage, if any,
(but not greater than the Pro-Rated Percentage) as the
Committee may, in its sole discretion, determine; and
		(D)  if termination occurs for any other
reason (voluntary or involuntary) within two years from the
effective date of the award, ownership of all the shares of
Restricted Stock shall revert to the Company.
		(iv)  Promptly after the restriction set
forth in subparagraph (c)(i) shall terminate as to any
shares of Restricted Stock, the participant to whom such
shares were awarded (or the participants  estate, as the
case may be) shall pay to the Company the amount of all
Federal, state and local withholding taxes payable on the
compensation represented by such shares, and upon receipt
of such payment the Company shall deliver to the
participant a stock certificate or certificates for such
shares.  Alternatively, pursuant to rules established by
the Compensation Committee, a participant may elect to
receive all or a portion of the participants award in
the form of cash in lieu of shares, based on the fair
market value (the mean between the high and low price
per share on the New York Stock Exchange) of such shares
on the date the restrictions set forth in subparagraph
(c)(i) shall terminate; and the Company will deduct the
amount of all withholding taxes payable on the compensation
represented by such shares from the cash value of the shares
to be paid to the participant.
		(v)  As long as shares of Restricted Stock
remain registered in the name of a participant he shall be
entitled to all the attributes of ownership of such shares
(subject to the restriction on transfer referred to above),
including the right to vote such shares and to receive all
dividends declared and paid on such shares.
		(d)  All shares of Common Stock issued to
recipients of Restricted Stock awards shall be issued from
previously issued and outstanding shares held in the
Treasury of the Company.
		(e)  The total number of shares of
Common Stock that may be awarded as Restricted Stock
under the Plan shall not exceed 275,000 shares; provided,
however, that effective November 1, 1991, shares which
revert to the Company in accordance with
paragraph 9(c)(iii) shall be deemed to have been
awarded as Restricted Stock for purposes of determining
the number of shares of Restricted Stock remaining
available to be awarded hereunder.

10.  Performance Units
	(a)  To each participant designated to receive
an award of Performance Units for an Award Cycle there
shall be issued a Performance Unit Certificate
representing such number of Performance Units with a
nominal value of $100 each as the Committee shall
determine; provided, however, that the total nominal
value of Performance Units awarded to a participant for
any Award Cycle shall not exceed 300% of such participants
base salary at the date of such award.
	(b)  No later than 90 days after  the beginning
of each Award Cycle the Committee shall establish a
method for determining the earned value of a Performance
Unit at the end of such Award Cycle (hereinafter
called the Payout Value) based on performance goals over
the period of the Award Cycle related to operating income,
cash flow, shareholder return, return on assets, return
on equity, operating margins, cost control, customer
satisfaction, economic value added (EVA) and/or revenue
growth measurements, which may be in respect of the Company,
as a whole, or any business unit thereof; provided,
however, that such method shall provide that (i) no Payout
Value may exceed $200 and (ii) the payment of an award of
Performance Units to any participant at the end of an Award
Cycle shall be the lesser of $5 million or the amount
determined by multiplying the Payout Value times the
number of Performance Units granted to such participant.
	(c)  If a participants employment by the Company
terminates before the end of an Award Cycle for which the
participant was granted Performance Units, after the end
of such Award Cycle, the participant shall be entitled to
a percentage of the Payout Value of said Performance Units
determined as set forth below:
		(A)  if termination is by reason of death,
disability or retirement at Normal Retirement Age
(as defined in the Companys Retirement Plan), the
Pro-Rated Percentage for such Award Cycle;
		(B)  if termination is by reason of
retirement at or after age 55, but prior to Normal Retirement
Age (as defined in the Companys Retirement Plan), such
percentage (not greater than the Pro-Rated Percentage) as
the Committee may, in its sole discretion, determine;
		(C)  if termination occurs for any
other reason (voluntary or involuntary) more than two years
after the effective date of the award, such percentage, if
any (but not greater than the Pro-Rated Percentage), as the
Committee may, in its sole discretion, determine; and
		(D)  if termination occurs for any other
reason (voluntary or involuntary) within two years from
the effective date of the award, no percentage of the
Payout Value shall be paid.
		(d)  As promptly as practicable after the
end of each Award Cycle, the Payout Value of a Performance
Unit awarded at the beginning of such Award Cycle shall be
calculated and paid (unless otherwise deferred as provided
herein) in cash to the recipients awarded such Performance
Units after deduction of all Federal, state and local
withholding taxes payable on the compensation represented
thereby.  Notwithstanding the foregoing, in the event a
participant takes a leave of absence at any time during
an Award Cycle (for Award Cycles commencing after
September 9, 2004), the payment of the Payout Value of
the participants Performance Units may, in the sole
discretion of the Compensation Committee, be deferred
by a period up to the equivalent number of days that
the participant was out on a leave of absence.  In
addition, the Committee may, in its sole discretion,
establish terms and conditions under which a
participant may elect to defer the payment of the
Payout Value of a Performance Unit in whole or in
part pursuant to the Deferred Compensation Plan.
		(e)  At the end of each Award Cycle, the
Committee may, in its sole discretion, award to those
senior executives of the Company and its subsidiaries
who are not executive officers of the Company and whose
performance during such Award Cycle the Committee
believes merits special recognition cash bonuses in an
aggregate amount not to exceed 10% of the aggregate
Payout Value of all Performance Units that become
ested and payable with respect to such Award Cycle.

11.  Expenses
		The expenses of administering this
Plan shall be borne by the Company.

12.  Adjustments in Class B Common Stock
		In the event of any change or changes
in the outstanding shares of Common Stock by reason of
any stock dividend, split-up, recapitalization,
combination or exchange of shares, merger, consolidation,
separation, reorganization, liquidation or the like, the
class and aggregate number of shares that may be awarded
as Restricted Stock under the Plan after any such change
shall be appropriately adjusted by the Committee, whose
determination shall be conclusive.
13.  Amendment
		The Board of Directors of the Company
shall have complete power and authority to amend,
suspend or discontinue this Plan; provided, however,
that the Board of Directors shall not, without the
approval of the holders of a majority of the voting
stock of the Company entitled to vote thereon,
(A) increase either (i) the maximum number of shares
of Restricted Stock that may be awarded under the Plan,
(ii) the maximum number of shares of Restricted Stock or
Performance Units that may be awarded to a participant,
(iii) the maximum Payout Value of a Performance Unit, or
(iv) the percentage ceiling on the aggregate amount of
bonuses which may be awarded pursuant to paragraph 10(e) or
(B) make any amendment which would permit the incentive
provision of any year provided in paragraph 5 hereof to
exceed the limitations set forth in said paragraph.