Unlike some other conglomerates, Graham Holdings (NYSE: GHC) is not a household name. But some of its assets, such as its television stations, are well known to both consumers and shareholders.
In addition to several TV stations, the company’s portfolio includes eight auto dealerships. Some of those assets could be shed to generate more value for the company.
The former Washington Post Co. renamed itself after selling its namesake newspaper to Amazon co-founder Jeff Bezos in 2013.
Shares of the company have been rising steadily, more than doubling during the past five years and climbing 35.9% in the past year. But conglomerates can sometimes become too big and unwieldy or lose sight of their direction. Divesting some of its more valuable assets can often unlock more value for shareholders and capital for the company.
Graham Holdings also owns healthcare service companies, a for-profit education company, manufacturing businesses, restaurants in the Washington, D.C. area and even a more traditional business that frames pictures and photos.
Berkshire Hathaway facsimile
The company is often compared to Berkshire Hathaway, (NYSE: BRK), the behemoth run by Warren Buffett. While Graham is much smaller, the company’s strategy over the past four decades has been to acquire businesses that diversify its current holdings and to hold onto them for a long duration.
Shedding some assets could prove to be advantageous if Graham receives good deals for them.
Under Graham Media Group, the company owns television stations in six markets, including large cities such as Houston, San Antonio and Detroit. The other stations are located in Orlando, Florida, Roanoke, Virginia and two in Jacksonville, Florida.
“It’s rare to find such a well-run company so inexpensively valued and with so many opportunities to improve the share price,” Eli Samaha, a managing partner at Madison Avenue Partners and a Graham investor, told Barron’s. Graham has a healthy balance sheet, with over $1.13 billion in cash as June 30, 2025.
CEO Tim O’Shaughnessy told Barron’s that the company wants to keep its strong balance sheet, increase cash flow and lower the number of shares.
The Graham company, which began its roots with printing the Washington Post, operates in a similar fashion to a private company. The family still owns a large number of shares. Their supervoting shares add up to about 25%.
TV stations could be worth $1.5 billion
While the company is unlikely to divest its larger divisions, Samaha said selling some of its more lucrative TV stations in larger markets that receive higher advertising dollars during election years could be an option. A sale of TV stations could be worth $1.5 billion, according to the Barron’s article.
While Graham has not sold many companies in the past, O’Shaughnessy has said it’s not against opportunities for mergers.
Graham Healthcare Group reported its revenue increased by 36% and pretax operating profits more than doubled to $43 million during the first six months of 2025. This division owns hospices, home healthcare and in-home infusion. The healthcare business could be valued at $1.5 billion compared to other public companies, according to Barrons.
The company could be valued at $6.9 billion, according to Barron’s. But whether the company wants to sell any of its assets remains unknown. Graham has not stopped its acquisition strategy. In July, its Hoover Treated Wood Products division bought Arconic Architectural Products, which manufactures aluminum cladding products.
Comments