SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* GRAHAM DONALD (Last) (First) (Middle) C/O GRAHAM HOLDINGS COMPANY 1300 NORTH 17TH STREET (Street) ARLINGTON VA 22209 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Graham Holdings Co [ GHC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/16/2019
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class B Common Stock								3,087	I	Revocable Trust
Class B Common Stock	12/16/2019		J(1)		43,363	D	$0	0	I	Trusts for Siblings(1)
Class B Common Stock								5,600	I	Trusts for Children(2)
Class B Common Stock								1,044	I	Trusts for Children of Siblings(2)
Class B Common Stock								5,000	I	Trust for Third Party(2)
Class B Common Stock								60	I	By Spouse(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class A Common Stock	(4)							(4)	(4)	Class B Common Stock	(4)		150,469	D
Class A Common Stock	(4)	12/16/2019		J(5)			194,505	(4)	(4)	Class B Common Stock	(4)	$0	0	I	Trusts for Children(5)
Class A Common Stock	(4)	12/16/2019		J(6)			101,313	(4)	(4)	Class B Common Stock	(4)	$0	7,617	I	Trusts for Siblings(2)
Class A Common Stock	(4)							(4)	(4)	Class B Common Stock	(4)		388,225	I	Beneficiary of Trusts
Class A Common Stock	(4)	12/16/2019		J(7)			1,800	(4)	(4)	Class B Common Stock	(4)	$0	0	I	Trusts for Children of Siblings(7)

Explanation of Responses:

1. The reporting person was a trustee of the 1939 Residuary Trust f/b/o Elizabeth G. Weymouth u/a/d 6/24/39, which holds 43,363 shares of Class B Common Stock, but he is not a beneficiary of such trust. As of December 16, 2019, the reporting person resigned from his position as trustee.

2. The reporting person is a trustee of the trusts that own the reported securities, but he is not a beneficiary of such trusts. The reporting person disclaims beneficial ownership of the reported securities.

3. The reporting person disclaims beneficial ownership of the reported securities.

4. Shares of Class A Common Stock are convertible into shares of Class B Common Stock at any time on a one-for-one basis and have no expiration date.

5. The reporting person was a trustee of the Elizabeth K. Graham Trust No. 1 u/a/d 9/13/10, Laura G. O'Shaughnessy Trust No. 1 u/a/d 9/13/10, Mary L. Graham Trust No. 1 u/a/d 9/13/10 and William W. Graham Trust No. 1 u/a/d 9/13/10, which hold 48,626, 48,626, 48,627 and 48,626 shares of Class A Common Stock, respectively, but he is not a beneficiary of such trusts. As of December 16, 2019, the reporting person resigned from his position as trustee.

6. The reporting person was a trustee of the 1939 Residuary Trust f/b/o Stephen M. Graham u/a/d 6/24/39, 1969 Trust f/b/o Elizabeth G. Weymouth and 1973 Trust f/b/o Stephen M. Graham, which hold 7,338, 72,000 and 21,975 shares of Class A Common Stock, respectively, but he is not a beneficiary of such trusts. As of December 16, 2019, the reporting person resigned from his position as trustee.

7. The reporting person was a trustee of the Thomas W. Graham Art. THIRD (i) Trust u/a/d 6/24/39 and Juliet Graham Art. THIRD (i) Trust u/a/d 6/24/39, which hold 900 and 900 shares of Class A Common Stock, respectively, but he is not a beneficiary of such trusts. As of December 16, 2019, the reporting person resigned from his position as trustee.

	/s/ Nicole M. Maddrey for Donald E. Graham	12/18/2019
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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