SEC Form 4 
FORM 4	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 	  
OMB APPROVAL
OMB Number:	3235-0287	
Estimated average burden	
hours per response:	0.5	

	
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).			
1. Name and Address of Reporting Person*
O'Shaughnessy Timothy J	

(Last)	(First)	(Middle)	
C/O GRAHAM HOLDINGS COMPANY	
1300 NORTH 17TH STREET, SUITE 1700	

(Street) 
ARLINGTON	VA	22209	

(City)	(State)	(Zip)	
	2. Issuer Name and Ticker or Trading Symbol 
Graham Holdings Co [ GHC ] 	5. Relationship of Reporting Person(s) to Issuer 
(Check all applicable) 
X	Director		10% Owner	
X	Officer (give title below)		Other (specify below)	
President and CEO	
		
	3. Date of Earliest Transaction (Month/Day/Year)
02/22/2018 		
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) 
X	Form filed by One Reporting Person	
	Form filed by More than One Reporting Person	
	
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1. Title of Security (Instr. 3) 	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8) 	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 	5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 	7. Nature of Indirect Beneficial Ownership (Instr. 4) 	
			Code	V	Amount	(A) or (D)	Price				
Class B Common Stock	02/22/2018		L(1) 		2.845	A	$599.5 	11,744.845	D		
Class B Common Stock	05/15/2018		L(1) 		2.871	A	$595.4 	11,747.716	D		
Class B Common Stock	08/08/2018		L(1) 		3.062	A	$559.55 	11,750.778	D		
Class B Common Stock	11/17/2018		L(1) 		2.806	A	$611.94 	11,753.584	D		
Class B Common Stock	01/02/2019		A(5) 		600	A	(6)	3,382	I	Spouse	
Class B Common Stock								900	I	Trust for spouse(2) 	
Class B Common Stock								5,600	I	Trust for spouse and children(3) 	
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities) 	
1. Title of Derivative Security (Instr. 3) 	2. Conversion or Exercise Price of Derivative Security 	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8) 	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 	6. Date Exercisable and Expiration Date (Month/Day/Year)	7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 	8. Price of Derivative Security (Instr. 5) 	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 	11. Nature of Indirect Beneficial Ownership (Instr. 4) 	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Class A Common Stock	(4)							(4) 	(4) 	Class B Common Stock	(4)		34,865	I	Spouse	
Explanation of Responses:	
1. Such shares were acquired in a dividend reinvestment plan administered by the reporting person's broker and eligible for deferred reporting on Form 5 under Rule 16a-6. The reporting person has chosen to report such transactions early on this Form 4.	
2. The reporting person is not a beneficiary of such trust. The reporting person disclaims beneficial ownership of the reported securities.	
3. The reporting person is a trustee of the trust that owns the reported securities, but he is not a beneficiary of such trust. The reporting person disclaims beneficial ownership of the reported securities.	
4. Shares of Class A Common Stock are convertible into shares of Class B Common Stock at any time on a one-for-one basis and have no expiration date.	
5. Class B shares awarded to Laura O'Shaughnessy, spouse of the reporting person, as restricted stock under incentive plan.	
6. N/A.	
	/s/ Nicole M. Maddrey for Timothy J. O'Shaughnessy	01/04/2019	
	** Signature of Reporting Person	Date	
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).	
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.