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McGraw-Hill slashes more than 600 jobs

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New York—McGraw-Hill Cos., which publishes BusinessWeek and owns the Standard & Poor’s credit rating agency, said Tuesday that it is cutting 611 jobs, or 3% of its workforce, to reduce costs and boost shareholder returns.

The cuts will result in a $43.7 million pretax restructuring charge, reducing fourth-quarter earnings by $27.3 million after taxes, or 8 cents per share, according to McGraw-Hill.

The company’s information and media unit, including BusinessWeek, Aviation Week & Space Technology and J.D. Power & Associates, is cutting 114 jobs.

In a news statement, McGraw-Hill Chairman-President-CEO Harold “Terry” McGraw said, “Reducing staff is never an easy decision, but we believe the steps we have taken will strengthen our organization, enhance our ability to serve our customers and maximize shareholder value.”

—Matthew Schwartz

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