<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <!-- Generated by Workiva -->
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0000104889</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Class A Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001422930</issuerCik>
        <issuerName>PubMatic, Inc.</issuerName>
        <issuerCusip>74467Q103</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>601 Marshall Street</com:street1>
          <com:city>Redwood City</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>94063</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Graham Holdings Company</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>2831462.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2831462.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2831462.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.0</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>In reference to #11, the percentage ownership is calculated based upon an aggregate of 40,324,790 shares of Class A common stock outstanding as of February 21, 2025, as reported in PubMatic, Inc.'s Form 10-K filed on February 27, 2025.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>PubMatic, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>601 Marshall Street, Redwood City, CA, 94063</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Graham Holdings Company</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>1812 North Moore Street, Suite 2100, Arlington, VA 22209</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Graham Holdings Company is incorporated in the State of Delaware.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>2,831,462</amountBeneficiallyOwned>
        <classPercent>7%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>2,831,462</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>2,831,462</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Graham Holdings Company</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Nicole Maddrey</signature>
        <title>Nicole Maddrey, Senior Vice President, Secretary, General Counsel</title>
        <date>05/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
