McGraw-Hill Cos Inc (MHP.N), owner of Standard & Poor's credit rating agency, agreed to sell its nine-station broadcasting unit to media conglomerate E.W. Scripps Co (SSP.N) for $212 million in cash. McGraw-Hill said in June that it was putting the stations up for sale in what has become a major plan to split up the mini-conglomerate and sell its extraneous pieces. "This divestiture will produce good value for a non-strategic asset as we work to create two focused operating companies, one centered on capital and commodities markets and the other on digital learning and education services," Chief Executive Harold McGraw said in a statement on Monday. The stations, which include affiliates of Disney's ABC (DIS.N), had revenue in 2010 of $97 million, according to a statement from Scripps.
The McGraw-Hill Companies, Inc. is a global information services provider serving the financial, education and business information markets, such as energy, automotive, construction, aerospace and defense, broadcasting and marketing/research information services. Shares of MHP fell by 2.59% or $-1.06/share to $39.94. In the past year, the shares have traded as low as $32.70 and as high as $46.99. On average, 3116430 shares of MHP exchange hands on a given day and today's volume is recorded at 1899722.
The E. W. Scripps Company (Scripps) is a diverse media company with interests in television stations, newspapers, local news and information Websites, and licensing and syndication. Shares of SSP fell by 3.71% or $-0.26/share to $6.74. In the past year, the shares have traded as low as $6.63 and as high as $10.56. On average, 246631 shares of SSP exchange hands on a given day and today's volume is recorded at 545602.
The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. Shares of DIS fell by 3.85% or $-1.16/share to $29.00. In the past year, the shares have traded as low as $29.05 and as high as $44.34. On average, 15346600 shares of DIS exchange hands on a given day and today's volume is recorded at 13899273.
