The McGraw-Hill Companies (NYSE: MHP) announced it has retained Morgan Stanley & Co. LLC to pursue the divestiture of its Broadcasting Group. The television stations in the Group are in desirable markets and should be attractive to strategic and financial buyers with a focus on media.
The planned divestiture is part of a continuing portfolio review that McGraw-Hill is undertaking across the enterprise to reevaluate its strategic core and ensure it is appropriately allocating capital to generate shareholder value. The Company is also evaluating G&A costs across the corporation to ensure it continues to support its businesses efficiently.
The Broadcasting Group had revenues of almost $100 million in 2010, up 18% over the prior year. It 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.
Source: McGraw-Hill Companies