McGraw-Hill Companies Inc launched a new $500 million accelerated share repurchase transaction and said it would cut about 550 jobs in McGraw-Hill Education as part of its Growth and Value Plan."McGraw-Hill Education is reducing its executive ranks by approximately 20 percent and its workforce by approximately 10 percent," the company said in a statement.The company said the actions would help it save more than $100 million annually, and it expects a restructuring charge in the fourth quarter.
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 1.43% or $-0.61/share to $42.14. In the past year, the shares have traded as low as $34.95 and as high as $46.99. On average, 2334970 shares of MHP exchange hands on a given day and today's volume is recorded at 1759962.
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