(PRESS RELEASE) NEW YORK The McGraw-Hill Companies today announced a definitive agreement to sell its nine-station Broadcasting Group to The E. W. Scripps Company for $212 million in cash. The transaction is subject to regulatory approvals and customary closing conditions.
"This transaction is another step in executing McGraw-Hill's Growth and Value Plan for the benefit of our shareholders, customers and employees," said Harold McGraw III, chairman, president and chief executive officer. "This divestiture will produce good value for a non-strategic asset as we work to create two focused operating companies, one centered on capital and commodities markets and the other on digital learning and education services. Our goal is to enhance strategic and financial flexibility and to establish two pure-play investment opportunities for shareholders. The Growth and Value Plan also includes accelerated share repurchases and actions to increase efficiency and reduce overhead costs.