McGraw Hill TV Stations Report Q1 Loss

Apr 26, 2005  •  Post A Comment

McGraw-Hill Cos. on Tuesday said its four ABC-affiliated television stations reported a 2 percent decline in revenue in the first quarter as a sharp slowdown in political advertising and significant cutbacks in national advertising more than offset gains in local advertising sales.

The weakness at the stations group did not offset gains in McGraw-Hill’s other businesses, which include credit rating agency Standard & Poor’s as well as weekly business magazine BusinessWeek. Overall, the company reported 4 percent gain in profit to $78.7 million, compared with a year-earlier figure of $75.7 million.

Revenue jumped 12 percent to slightly more than $1 billion, versus $919.9 million a year ago.