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McGraw-Hill Broadcast Revenue Down 23%

McGraw-Hill announced broadcasting group revenue of $20.4 million for the second quarter, down 23.1% from the same quarter last year. The company's Information & Media department saw revenue drop 11.5% to $236.2 million in the quarter, while overall revenue dropped 12.4% to $1.5 billion.
McGraw-Hill owns the ABC affiliates KMGH Denver, KGTV San Diego, KERO Bakersfield and WRTV Indianapolis.
McGraw-Hill cited "weakened market conditions" in advertising and school education in announcing it expects revenue to decline 5.5% to 6.5% for the year-worse than the 4% to 5% it had originally forecast.
Chairman/President/CEO Harold McGraw III said the company reduced expenses 9.5% in the second quarter, and "cost containment will be a priority all year."