Information services provider McGraw-Hill Companies, US, has completed the sale of its Broadcasting Group to The E.W. Scripps Company. 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.
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.
Earlier, in September 2011, McGraw-Hill announced its intention to separate into two public companies - McGraw-Hill Financial, a provider of content and analytics to global financial markets, and McGraw-Hill Education, an education company focused on digital learning and education services worldwide.
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