New York—McGraw-Hill Cos. today completed the sale of its Broadcasting Group to E.W. Scripps Co. As previously announced, the purchase price for the nine-station Broadcasting Group was $212 million in cash.
The group includes ABC affiliates in Bakersfield, Calif. (KERO-TV), Denver (KMGH-TV), Indianapolis (WRTV) and San Diego (KGTV), and Azteca America affiliates in Denver; Colorado Springs, Colo.; Fort Collins, Colo.; Bakersfield and San Diego.
McGraw-Hill divested the group as part of its Growth and Value Plan, which will create two operating companies, McGraw-Hill Financial and McGraw-Hill Education.
“I thank the talented men and women of these stations for their valuable contributions to McGraw-Hill and know they are joining a respected media organization where they will continue delivering news, insights and entertainment,” said Harold McGraw III, chairman, president and CEO of McGraw-Hill Cos. “Completing this transaction demonstrates good progress on our Growth and Value Plan. As we close out 2011, we are excited about the opportunities ahead."