The Washington Post Company

I

Introduction

The Washington Post Company, international news and communications company. The company’s flagship newspaper, the Washington Post, is one of the most respected daily newspapers in the United States. The company also publishes Newsweek magazine, one of America’s leading newsmagazines. The Washington Post Company owns several television stations and cable television systems in more than a dozen states. The company also operates other U.S. newspapers and in early 2003 entered an alliance with the Wall Street Journal for Washington Post articles to be published in international editions of the Journal. The Washington Post Company has its headquarters in Washington, D.C.

II

Early Years

The Washington Post was founded in 1877 by Stilson Hutchins, a journalist and supporter of the Democratic Party. The first editions were four pages long and cost 3 cents per copy. Hutchins sold the paper in 1889 to Frank Hatton and Beriah Wilkins, who incorporated the business as The Washington Post Company. John R. McLean, publisher of the Cincinnati Enquirer, bought the paper in 1905.

McLean added color comics and emphasized sensationalistic reporting of crime and scandal. McLean’s son, Edward McLean, took over the newspaper in 1916. Edward McLean got in trouble by lying to the Congress of the United States about his knowledge of the Teapot Dome scandal, which involved the leasing of government-owned oil reserves to private oil companies. The incident damaged the integrity of the newspaper. Circulation and advertising revenues dropped, forcing the newspaper into bankruptcy.

III

Rapid Growth

In 1933 investment banker Eugene Meyer bought the paper in a public bankruptcy auction held on the steps of the Post’s headquarters. Meyer had little experience in journalism but strong ideas about running a newspaper. Under his guidance, circulation tripled within ten years and advertising sales climbed. In 1946 Meyer was appointed the first president of the World Bank, a United Nations agency, and his son-in-law Philip Graham took over the paper. In 1948 Meyer transferred ownership of the paper to his daughter, Katharine Meyer Graham, and her husband, Philip.

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IV

Graham and Bradlee

As publisher, Philip Graham strengthened the Post’s editorial staff and started overseas bureaus. He purchased the rival morning newspaper the Washington Times-Herald in 1954. The company also went into partnership with the Los Angeles Times to form a news service that syndicated columns, articles, and features for both newspapers. In addition, he diversified the company’s holdings, buying radio and television stations. In 1961 the company purchased Newsweek magazine, which was being sold by the Astor Foundation. The foundation had inherited Newsweek from Vincent Astor, who died in 1959. Vincent Astor was a descendant of wealthy merchant and financier John Jacob Astor.

In his personal life, Graham struggled with bipolar disorder (manic depression). He committed suicide in 1963 and his wife, Katharine Graham, became president of the company and publisher of the Washington Post. Ben Bradlee, senior editor of the Post, became managing editor in 1965. In 1966 the Post and the New York Times teamed up to launch the International Herald Tribune. Bradlee was promoted to executive editor and vice president of the Post in 1968. (The Post later sold its share of the International Herald Tribune to the New York Times Company in 2002.)

Under the leadership of Graham and Bradlee, in 1971 the Washington Post decided to publish excerpts of the Pentagon Papers—secret documents detailing government deception concerning U.S. policy in the Vietnam War (1959-1975). The company took that action despite a court order not to do so and against the advice of its lawyers. The Supreme Court of the United States later ruled in favor of the Post and other newspapers that published the documents. The ruling was considered a major victory for freedom of the press.

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