Local TV

McGraw-Hill Broadcast Rev Down 23%

Local, national and political advertising soft 4/28/2009 09:21:23 AM Eastern

McGraw-Hill reported $18.3 million in broadcast revenue for the first quarter, a 22.9% slip from the previous year's first quarter. The freefall "reflects softness in both local and national advertising and the absence of political advertising in a non-election year."

The media corporation reported earnings per diluted share of $0.20 for the first quarter, compared to $0.25 for the same period last year. Net income for the first quarter was $63 million versus $81.1 million for the first quarter of 2008. Revenue declined 5.7% in the first quarter to $1.1 billion.

"The challenging economy, a seasonally slow start in the elementary-high school business and continued weakness in advertising and the structured finance market were important factors in our first quarter decline," said Chairman/President/CEO Harold McGraw III. "In this economic environment, we continue to keep a tight grip on costs and expenses. Cost containment will be a priority for us all year."

McGraw-Hill owns numerous financial services, education and business information brands, along with four TV stations, including KMGH Denver.

Want to read more stories like this?
Get our Free Newsletter Here!
August

Cloud Summit

Raleigh Marriott City Center, Raleigh, NC

October