McGraw Hill Revenue Drops 5.7%; Broadcasting Division Falls 22.9%; BusinessWeek's Profit Plummets
McGraw-Hill Cos. broadcasting division’s revenue dropped 22.9 percent this quarter, reflecting a “softness” in local and national advertising and a lack of political ads, the company reported today. The broadcasting group, which consists of four ABC affiliates, earned $18.3 million for the textbook publisher.
The company also reported that BusinessWeek magazine, which it publishes, saw a 39.8% drop in ad pages this quarter compared to Q1 2008. BusinessWeek magazine and the rest of the Information & Media group’s profits plummeted 76.4%
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