EARNINGS: TV Tanks at McGraw-Hill
By Michael Malone -- Broadcasting & Cable, 7/24/2007 12:50:00 PM EDT
Buoyed by the financial services part of its portfolio, McGraw-Hill reported a 31.7% increase in diluted earnings per share in the second quarter of 2007, compared to the second quarter of 2006. Net income in the quarter grew 25.4% year over year, while revenue increased 12.5% to $1.7 billion.
McGraw’s Broadcasting Group, on the other hand, declined by 16% in the second quarter to $26.8 million. The absence of political advertising was a primary factor, said Chairman/President/CEO Harold McGraw III.
McGraw-Hill owns four ABC affiliates.
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