The Washington Post Company is getting into the healthcare sector, they announced today. The newspaper company will acquire a majority stake in Celtic Healthcare, a home healthcare and hospice services provider. The purchase price was not disclosed.
“Our acquisition of Celtic Healthcare is part of the Post Co.’s ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon,” Donald E. Graham, chief executive of The Washington Post Co., said in a statement.
Home health-care marks a new direction for the newspaper company, which owns Kaplan education businesses, a cable unit and local broadcast television stations.
Celtic Healthcare founder and CEO Arnie Burchianti will continue to run the company.
“It positions Celtic for continued growth by combining our strong leadership, technology and expertise in delivering patient-centered care with the financial resources, long-term investment commitment and corporate values of The Washington Post Company,” said Mr. Buricianti.
It also positions the Post Co. to have other income sources amid falling revenues at Kaplan and its namesake newspaper. No word yet if this means that healthcare is the future for media companies.