New York—McGraw Hill Financial announced Wednesday that it has agreed to sell Aviation Week to Penton Media. Financial terms of the all-cash deal, which is expected to close shortly, were not disclosed.
“Today's announcement is another important step in the development of McGraw Hill Financial,'' Harold McGraw III, chairman and president-CEO of McGraw Hill Financial, said in a statement. “This action allows us to apply even greater focus on our high-growth, high-margin benchmark businesses serving large and growing capital and commodity markets around the world,”
McGraw added: “Aviation Week is a premier franchise in the civil and defense aerospace industry. We're pleased the business has found a strategic fit and a good home with Penton, which is a respected business information and marketing company and has complementary assets and capabilities.”
The move fits with McGraw-Hill Financial's strategy of divesting noncore assets while investing for growth in markets where it has size and scale. Earlier this year, it sold McGraw-Hill Education as part of its Growth and Value Plan. Last year, it sold its nine-station Broadcasting Group to E.W. Scripps Co.; and in 2009 it sold BusinessWeek to Bloomberg.
Aviation Week, which reaches more than 1.2 million professionals in 185 countries, is a major provider of information and services to the global commercial, defense, maintenance/repair/overhaul, space and business aviation communities. Its flagship brand is Aviation Week & Space Technology.
“The combination of Aviation Week and Penton Aviation creates the largest and most powerful targeted marketing platform for companies and executives in the dynamic and growing global aviation industry,” David Kieselstein, CEO of Penton, said in a statement.
Penton Aviation’s brands include Air Transport World, SpeedNews, Aircraft Bluebook, Air Charter Guide, Airportdata.com and Ac-U-KWIK. With the acquisition, the group will have 143 employees globally.