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McGraw-Hill Broadcast Revenue Down 6% - Broadcasting & Cable

McGraw-Hill Broadcast Revenue Down 6%

"Strong response" to stations on the market as company "reevaluates strategic core"
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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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