$137.8B U.S. ad spend for top 200 advertisers
McGraw-Hill said the job cuts were part of an effort to achieve $100 million in annual cost savings. The company, which bought back $1 billion in stock this year, also announced a new $500 million accelerated share repurchase program.
In a statement, McGraw-Hill Chairman-President-CEO Harold “Terry” McGraw III was optimistic about McGraw-Hill Financial, the company he will head after the split into two companies: “McGraw-Hill Financial will comprise fast-growing and highly profitable global brands such as S&P Ratings, S&P Indices, Platts and S&P Capital IQ, creating the potential for double-digit growth, strong cash flow and profit margins in excess of 30%.”
McGraw-Hill Construction and the Aviation Week group will be part of McGraw-Hill Financial.