The Washington Post Co. is the most recent newspaper company to reveal a significant loss for the first economic quarter of 2009, with an $18.7 million deficit, the Wall Street Journal reported Friday.

The company's newspapers and magazines continue to suffer amid the recession and consequent advertising decline, with the newspaper division reporting a 22 percent revenue decline. Flagship paper the Washington Post saw an advertising decline of 33 percent, while online advertising fell 8 percent.

The magazine division, including its major title Newsweek, had a revenue decline of 14 percent.

The Washington Post newspaper has taken elaborate cost cutting measures. In March it said it would present buyouts to newspaper staff and amalgamate the business section with other parts of the newspaper, the Wall Street Journal reported.

Distinct from rival newspapers, the Washington Post relies less on print advertising, sourcing much revenue from its Kaplan education enterprise. However this investment has also suffered amid the rotten economic climate, with a profit drop of 76 percent, citing increased costs of marketing and advertising, according to the Wall Street Journal.

In 2008 the Washington Post Co. saw a $29.3 million profit, at $4.08 a share. The companies share price has halved in the last twelve months to now sit at $2.04

Overall company revenue fared better suffering a less than 1 percent decline, propped by a 9 percent increase in the companies education sector.