Exhibit 99.1


Contact: Rima Calderon                               For Immediate Release
         (202) 334-6617                              September 23, 2003

                     THE WASHINGTON POST COMPANY COMPLETES
                            CORPORATE RESTRUCTURING

WASHINGTON - The Washington Post Company (NYSE:WPO) announced today that it
has completed an internal corporate restructuring. The principal purpose of
the restructuring was to separate the company's Washington Post newspaper
publishing business into a wholly-owned subsidiary. Prior to this
restructuring, the Washington Post newspaper had been run as an operating
division of the company.

          As a result of the restructuring, the shares of the company's Class
A Common Stock, Class B Common Stock, and Series A Preferred Stock were
automatically converted into identical, newly-issued shares of the new holding
company, which has assumed the corporate name of The Washington Post Company.
Each class carries the same voting powers, designations, preferences, rights,
qualifications, restrictions, and limitations as the class from which it was
converted. The share conversion requires no physical exchange of stock
certificates, and the stock certificates formerly representing each class of
the company's stock now represent the equivalent class of stock of the new
holding company. The Class B Common Stock of the holding company continues to
be listed on the New York Stock Exchange under the symbol WPO, in the same
manner as the Class B Common Stock of the company was listed prior to the
Restructuring. The Washington Post newspaper will continue to do business as
"The Washington Post."

          In accordance with Delaware merger law, the restructuring did not
require the approval of the company's stockholders.