Media Firms: Two media firms, Washington Post...

Media Firms: Two media firms, Washington Post Co. and Knight-Ridder Inc. reported declines in their first-quarter earnings. The Washington Post Co.’s earnings tumbled 71% to $41.5 million. Revenue rose 6.5% to $341.9 million. The firm noted that the 1988 results had included a non-recurring gain of $115.7 million from the sale of cellular telephone interests. Excluding that gain, the company said its earnings would have risen 42% from a year earlier. Newspaper division revenue climbed 7%, its television station revenue was up 5% and cable division revenue gained 13%. Newsweek’s revenue rose 1%. Miami-based Knight-Ridder said its profit fell 39.3% to $20.5 million from $33.8 million. Revenue rose 10.4% to $540.7 million. Robert F. Singleton, senior vice president and chief financial officer, said, “This was a difficult quarter.”