Graham Holdings is a media conglomerate with holdings in education, television broadcasting, and various other businesses. After the spin-off of Cable ONE in June 2015, Graham's education segment--including Kaplan Higher Education, Kaplan Test Preparation, and Kaplan International--represents 75% of the company's revenue mix, but only 36% of its total adjusted EBITDA. Graham also operates five television stations that make up almost 15% of total revenue but 63% of adjusted EBITDA.