McGraw-Hill completes US$212M sale of its nine-station Broadcasting Group to E.W. Scripps, will now focus on new growth plan including formulation of two operating companies
December 30, 2011
– The McGraw-Hill Companies (NYSE: MHP) today completed the sale of its Broadcasting Group to The E.W. Scripps Company. As previously announced, the purchase price of the nine-station Broadcasting Group was $212 million in cash.
The divestiture of the Broadcasting Group, a non-core asset, was carried out pursuant to the Corporation's Growth and Value Plan, which will create two focused operating companies, McGraw-Hill Financial and McGraw-Hill Education, and is designed to accelerate growth and enhance shareholder value.
"I thank the talented men and women of these stations for their valuable contributions to McGraw-Hill and know they are joining a respected media organization where they will continue delivering news, insights and entertainment," said Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies. "Completing this transaction demonstrates good progress on our Growth and Value Plan. As we close out 2011, we are excited about the opportunities ahead."
The Broadcasting Group includes ABC affiliates in Denver, Colorado (KMGH-TV), San Diego, California (KGTV), Bakersfield, California (KERO-TV), Indianapolis, Indiana (WRTV) and Azteca America affiliates in Denver, Fort Collins, Colorado Springs, San Diego and Bakersfield.
About The McGraw-Hill Companies:
McGraw-Hill announced on September 12, 2011, its intention to separate into two public companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial's leading brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2010, the Corporation has approximately 21,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.