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McGraw-Hill to sell broadcasting group

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New York—McGraw-Hill Cos. has retained Morgan Stanley & Co. to pursue the divestiture of its broadcasting group. The broadcasting group, which had growth of 18% and revenue of almost $100 million last year, consists of several television stations, including ABC affiliates in Denver, Colo. (KMGH); San Diego, Calif. (KGTV); Bakersfield, Calif. (KERO); and Indianapolis (WRTV). In a press release McGraw-Hill said, “The planned divestiture is part of a continuing portfolio review that McGraw-Hill is undertaking across the enterprise to re-evaluate its strategic core and ensure it is appropriately allocating capital to generate shareholder value.” (The company sold BusinessWeek to Bloomberg L.P. in December 2009.)
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