Feb. 25 (Bloomberg) -- Washington Post Co., publisher of the namesake newspaper and Newsweek magazine, said fourth- quarter profit fell 77 percent as advertising sales declined and it wrote down the value of some assets.

Net income plunged to $18.8 million, or $2.01 per share, from $82.9 million, or $8.71, a year earlier, the Washington- based company said today in a statement. Sales gained 3 percent to $1.16 billion, helped by a revenue increase in the education division.

Newspaper publishers including New York Times Co. and Gannett Co. are cutting jobs and seeking to sell assets as print ad sales slide. Journal Register Co. and Philadelphia Newspapers LLC, publisher of the Philadelphia Inquirer and Daily News, filed for bankruptcy protection over the weekend.

The company reported a $75.7 million writedown for the value of its community newspapers, certain online businesses and other items.

Washington Post fell $2.74 to $382.25 at 4:01 p.m. in New York Stock Exchange composite trading. The shares have declined 2.1 percent this year.

The newspaper unit, which includes the Washington Post and the Everett, Washington, Herald, posted a 13 percent revenue dip to $201.7 million as print ads fell 21 percent at the flagship newspaper. Newsweek ad revenue fell 22 percent during the quarter and a voluntary buyout program for 43 employees cost the magazine $6.5 million.

Profit at the Kaplan education division climbed 54 percent to $61 million on a 13 percent sales increase. The education unit, which runs test-preparation and other courses, accounts for about half of revenue. Washington Post bought the business in 1984 for $45 million.

To contact the reporter on this story: Greg Bensinger in New York at gbensinger1@bloomberg.net

Last Updated: February 25, 2009 16:13 EST