McGraw-Hill Q2 Earnings Slump

TV-station group performs better than corporate average.
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Media conglomerate McGraw-Hill reported declining second-quarter financial performance Tuesday, as its relatively small TV segment of four ABC TV stations performed better than the corporate average.

Broadcasting-group segment revenue fell 1% to $26.5 million versus a year ago. That’s a smaller decline than overall corporate revenue, which declined 2.6% to $1.7 billion in the quarter ended June 30.

In TV broadcasting, gains in political advertising were offset by softness in local and national advertising.

McGraw-Hill net income declined 23.4% to $212.3 million, or $0.66 per diluted share, which included a one-time charge of $23.7 million (or $14.8 million after tax/$0.05 per share) for eliminating 395 work-force positions.

Educational publishing, financial information and litigation costs related to financial information overshadowed broadcasting.

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