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McGraw-Hill Agrees To Sell Its Education Publishing Business For $2.5B

By DAVID LIEBERMAN, Executive Editor | Monday November 26, 2012 @ 7:12am PSTTags: McGraw-Hill

Private equity investor Apollo Global Management is buying the huge textbook operation. Once the deal closes, either late this year or early next, McGraw-Hill says it will position itself as “high-growth, high-margin benchmarks, content and analytics company” to be renamed McGraw-Hill Financial. The deal follows by more than a year the company’s announcement that it would separate the capital-intensive textbook operation from the unit that includes Standard & Poor’s. Activist hedge fund Jana Partners and the Ontario Teachers’ Pension Plan Board had pushed for the change saying that McGraw-Hill had become too unfocused as educational publishing diluted earnings. CEO Harold “Terry” McGraw III will stick with the financial business. Last year the company sold its nine television stations to E.W. Scripps. Here’s today’s release: READ MORE »

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Media Stocks Hit By Market Fears Of Impasse Over U.S. Debt Cuts

By DAVID LIEBERMAN, Executive Editor | Monday November 21, 2011 @ 12:50pm PSTTags: Barnes & Noble, CBS, Cinedigm, Comcast, Crown Media, Dish Network, Disney, E.W. Scripps, Entercom, LIN TV, Live Nation, McClatchy, McGraw-Hill, National CineMedia, Netflix, Radio One, RealD, Sirius XM, Sony, Time Warner, Viacom, Westwood One

The federal government will have to slash $1.2T in spending, mostly beginning in 2013, if the 12-member congressional Super Committee can’t strike a deficit reduction deal soon. They still appear split — even though, as a practical matter, … Read More »

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E.W. Scripps Cozies Up To ABC With $212M Deal For McGraw-Hill TV Stations

By DAVID LIEBERMAN, Executive Editor | Tuesday October 4, 2011 @ 8:00am PDTTags: ABC, E.W. Scripps, McGraw-Hill, Nexstar

The nine-station acquisition includes ABC affiliates in Denver, Indianapolis, San Diego, and Bakersfield, CA. When the transaction is complete, 10 of Scripps’ 19 stations will be ABC affiliates – making it the largest independent owner of ABC stations. McGraw-Hill’s other stations are low-power affiliates of Spanish language network Azteca America. Wells Fargo analyst Marci Ryvicker says this morning that the terms are “a positive for the broadcast TV space” because they reaffirm the value of stations at a time when potential buyers are growing concerned about the prospects for the ad market. Nexstar is still looking to sell. McGraw-Hill wanted to unload its stations as it prepares to split into two companies, and deal with shareholder concerns that it has become too unfocused. Here’s the release: Read More »

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McGraw-Hill To Split Standard & Poor’s and Textbooks Into Separate Companies

By DAVID LIEBERMAN, Executive Editor | Monday September 12, 2011 @ 4:08am PDTTags: McGraw-Hill, Standard & Poor's

This seems to be just what many angry shareholders wanted. Activist hedge fund Jana Partners and the Ontario Teachers’ Pension Plan Board lobbied for just such a change in July when they bought 5.2% of the publishing, investment analysis and TV station company. The concern is that the hefty … Read More »

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Media Stocks -5.4% As Fresh Data Suggest The Economy Continues To Weaken

By DAVID LIEBERMAN, Executive Editor | Thursday August 18, 2011 @ 12:13pm PDTTags: Amazon, Cablevision, CBS, Cinedigm, Coinstar, Comcast, Discovery Communications, Disney, Entercom, Gannett, IMAX, LIN TV, Lionsgate, Live Nation Entertainment, McClatchy, McGraw-Hill, Netflix, News Corp, Pandora Media, Radio One, Scripps Networks Interactive, Sinclair Broadcasting, Sony, Stock Market, Time Warner, TiVo, Viacom, Washington Post

The bears are back. After a relatively calm week, stocks prices across the board — including in media — are tanking today following reports that point to rising unemployment and inflation, and weakness in manufacturing. An hour before … Read More »

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UPDATE: Media Stocks End Day -7.3% As Markets Grapple With S&P’s Debt Downgrade

By DAVID LIEBERMAN, Executive Editor | Monday August 8, 2011 @ 11:22am PDTTags: AMC Networks, Barnes & Noble, Cablevision, CBS, Coinstar, Comcast, Dow Jones, DreamWorks Animation, Entercom, Liberty Media, LIN TV, McClatchy, McGraw-Hill, News Corp, Pandora Media, Rovi, Sinclair Broadcasting, Sirius XM, Sony, Time Warner, TiVo, Viacom, Westwood One

UPDATE, 2 PM: The market deteriorated as the day wore on, continuing the worst market slump since 2008. The Dow Jones U.S. Broadcasting and Entertainment Index closed down 7.3% — exceeding the 5.6% decline in the Dow Jones Industrial Average, 6.7% drop in the Standard & Poor’s 500, and 6.9% fall at NASDAQ.  CBS’ -10.3% slide made it the leading loser among media’s Big Guns. It was followed by News Corp (-7.7%), Viacom (-7.1%), Comcast (-6.6%), Sony (-6.4%), Disney (-6.1%), and Time Warner (-5.8%).

Double-digit losers include AMC Networks (-12.8%), LIN TV (-12.7%), Sirius XM (-12.7%), RealD (-12.6%), Cumulus Media (-11.9%), TiVo (-11.4%), Entercom (-10.9%), Westwood One (-10.8%), and E.W. Scripps (-10.3%). Those losing at least 9% include National CineMedia, Dish Network, Arbitron, Sinclair Broadcasting, Rovi, Outdoor Channel, Crown Media, Electronic Arts, Cablevision, and Coinstar. Read More »

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Is McGraw-Hill Under Attack? Activist Investors Buy In Seeking A Shake-Up

By DAVID LIEBERMAN, Executive Editor | Monday August 1, 2011 @ 2:29pm PDTTags: McGraw-Hill, Standard & Poor's

Look out McGraw-Hill. Activist hedge fund Jana Partners and the Ontario Teachers’ Pension Plan Board have bought 5.2% of the publishing, investment analysis and TV station company — and say that they may try to break it up. The … Read More »

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