WASHINGTON -- The Washington Post Co. is getting into the health care business with the purchase of a majority stake in Celtic Healthcare Inc., a provider of home health care and hospice services.
The media and education company said Monday that the deal is part of its strategy to invest in companies with earnings potential and strong management.
"It also fits with our decentralized operating philosophy," Chairman and CEO Donald E. Graham said in a statement. "We are a diverse group of businesses sharing common goals and values but each with its own identity and workplace culture, and with management responsible for its operations."
The financial terms of the transaction were not disclosed.
Arnie Burchianti, the founder and CEO of Celtic Healthcare, will continue to run the company.
Mars, Pa.-based Celtic provides home health care and hospice services in Pennsylvania and Maryland. It offers in-home nurses and therapists and other health care workers. It also offers services to the elderly such as housekeeping, help with errands or companionship.
Though best known for The Washington Post newspaper, the Post Co. derives more than half of its revenue from its Kaplan education business. But new federal regulations aimed at lowering student debt have led to lower enrollment at many for-profit schools, including Kaplan.
On Friday, the company said it has halted new enrollments at nine of its Kaplan Higher Education campuses and will consolidate operations of four campuses into other locations. The move is part of its restructuring of the education business.
Washington Post's shares climbed $3.83 to $366.86 in afternoon trading Monday.
Also on HuffPost:
Aurora Victim's $2 Million Hospital Bill
Aurora shooting victim <a href="http://www.huffingtonpost.com/2012/07/24/caleb-medley-health-insurance_n_1699092.html" target="_hplink">Caleb Medley's medical bills could cost up to $2 million</a> if he fully recovers. While in an induced coma, Medley's wife gave birth to their son in the same hospital.
Hospitals Waive Costs For Aurora Shooting Victims
Following the Aurora shooting, three out of five hospitals treating victims agreed to <a href="http://www.huffingtonpost.com/2012/07/25/aurora-shooting-medical-bills-_n_1704209.html?utm_hp_ref=denver" target="_hplink">reduce of completely wipe out medical bills</a>.
Mother Billed After Death Of Premature Daughter
One <a href="http://www.huffingtonpost.com/2012/06/04/arizona-mother-fights-900_n_1568198.html" target="_hplink">Arizona mother was billed $900</a> after the tragic death of her premature baby who reportedly received no substantial medical care, WCPO reports.
Man Tries To Pay Medical Bills With Cool-Aid
Ohio man <a href="http://www.huffingtonpost.com/2012/05/22/tobin-northrup-medical-bills-cool-aid_n_1537061.html" target="_hplink">Tobin Northrup tried to ease his medical expenses</a> by selling his homemade Cool-aid at $1,000 a cup, <a href="http://fox8.com/2012/05/20/man-sells-1000-drink-to-pay-for-medical-bills/" target="_hplink">FOX 8 Cleveland</a> reports.
Breast Cancer Survivor Jailed Over Mistaken Medical Bill
<a href="http://www.huffingtonpost.com/2012/04/23/lisa-lindsay-breast-cancer-survivor-debtors-jail_n_1446391.html" target="_hplink">Breast cancer survivor Lisa Lindsay was put in jail</a> for not paying a $280 medical bill she wasn't even supposed to pay in the first place.
Atheist Receives Medical Bill Donation From Church
Members of a church in Henderson, Texas <a href="http://www.huffingtonpost.com/2012/03/23/christians-pay-medical-bills-for-atheist-protestor_n_1375684.html" target="_hplink">raised $400 to pay for resident Patrick Green's eye treatment</a> even though he had previously pushed for a ban of religious symbols in the town.
Cancer Patient Told She Can't Host Yard Sales To Afford Care
Cancer patient Jan Cline <a href="http://www.huffingtonpost.com/2011/08/17/yard-sale-medical-bills-jan-cline-cancer_n_929911.html" target="_hplink">hosted yard sales to pay for the costs of her bone marrow cancer treatment</a> until town officials told her residents of Salem, Oregon, where she lived, are only <a href="http://salem.katu.com/news/news/442449-womans-yard-sale-pay-medical-bills-gets-shut-down" target="_hplink">allowed to have three per year</a>.
Military Family Receives VFW Support To Avoid Foreclosure
Without the support of VFW's Yellow Ribbon Campaign, <a href="surgery.http://www.huffingtonpost.com/2011/07/01/military-fundraisers-family-fundraiser_n_888858.html" target="_hplink">veteran Erik Packard's family may have been forced into foreclosure</a> in order to pay for his son's surgery.
Man Goes Homeless After Kidney Cancer Treatment Bills
In 2010, formerly middle class Mike Pyles of Washington state was <a href="http://www.huffingtonpost.com/2010/03/05/kidney-cancer-medical-bil_n_487475.html" target="_hplink">homeless after $230,000 in medical bills</a> to treat renal cancer.
Health Professional Forced Into Foreclosure
In 2009, <a href="http://www.huffingtonpost.com/2009/10/01/health-care-horror-story_n_306572.html" target="_hplink">laid-off health care professional Frank Aprile</a> was forced into foreclosure due to medical bills after a table saw accident.