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McGraw-Hill cuts 500 jobs in restructuring

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New York—McGraw-Hill Cos., which owns BusinessWeek and the Standard & Poor's rating service, said Thursday that it had cut 500 jobs and took a related charge of $14.6 million to restructure some operations. The Information and Media Services segment of the company accounted for $10.2 million of the $23.2 million pretax charge. Two weeks ago, BusinessWeek said it was shuttering its European and Asian print editions in favor of the Web. About 60 job cuts came from the magazine's international operations. The bulk of the overall cuts came from the company's education division as well as some corporate functions, said Steven Weiss, a spokesman for McGraw-Hill. The financial services segment incurred $1.2 million of the charge to eliminate certain staff and consolidate operations. McGraw-Hill reiterated its expectation for double-digit growth in full-year earnings.
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