McGraw-Hill Broadcast Revenue Down 6%
McGraw-Hill's broadcast division posted $23.8 million in revenue in the second quarter, a 6% decrease from last year. Revenue for McGraw-Hill's Information and Media category, which includes broadcasting, grew by 9.7% in the quarter to $246 million.
In June, McGraw-Hill announced it had retained Morgan Stanley "to pursue the divestiture of its Broadcasting Group," which includes ABC affiliates KMGH Denver, KGTV San Diego, KERO Bakersfield and WRTV Indianapolis, along with Azteca America affiliates in several markets. The company said the response has been positive.
"There has been a strong response from financial and non-financial buyers to the announcement in June that we planned to divest our Broadcasting Group," the company said in its earnings report. "That divestiture is part of a continuing portfolio review across the company to re-evaluate our strategic core. G&A costs are also being reviewed to ensure efficiency."
McGraw-Hill's overall revenue grew by 7.2% in the second quarter to $1.6 billion.
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Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.