McGraw Hill TV Stations Post Increase
The broadcast group within New York publishing giant McGraw-Hill generated $107.1 million in revenue for 2008, up 4 percent over 2007, the company reported this week. Revenues in 4Q were up 11.3 percent to $31.8 million, buoyed by political advertising. TV station profit was not broken out. McGraw-Hill (NYSE: MHP) has four high-powers and three low-power stations in Denver and Colorado Springs, Colo.; San Diego and Bakersfield, Calif., and Indianapolis.
Over all, MHP reported net income of nearly $800 million on revenues of $6.4 billion for the year. Both were down, 21 and 6 percent respectively, from 2007. Net income for 4Q dropped 18 percent to $116 million, or 37 cents a share, on revenues of $1.4 billion, which were down 10 percent from 4Q07. Restructuring cost MHP about 5 cents a share during the quarter. The company warned that revenues were expected to drop by up to 2 percent for the coming year.