McGraw-Hill reported broadcasting revenue of $18.7 million
in the first quarter, a 2.2% improvement over the same quarter last year.
"National and local time sales benefited from an increase in automobile
advertising," the company said in a statement. "Health care issues,
propositions in California, the race for
governor in California and a Senate seat in Colorado combined to
produce an increase in political advertising in the first quarter."
McGraw-Hill owns four ABC-affiliated stations, including
KGTV San Diego. Its broadcast chief, Darrell
Brown, heads up the ABC affiliates board.
The Information & Media Group reported $206.2 million in
the first quarter, an 8.5% decline. It divested BusinessWeek to
Bloomberg Dec. 1.
McGraw-Hill, which owns educational products and financial
services as well as media, reported net income for the first quarter of $103.3
million, a 64% improvement over the same quarter a year ago. Revenue grew by
3.7% in the quarter.
"Recovery in global bond markets, solid results in U.S. higher
education, which is benefiting from double-digit growth in digital products and
services, and an outstanding performance in global energy information markets
were major factors in our first quarter," said Chairman/President/CEO
Harold McGraw III. "The operating margin expanded in all three