At McGraw-Hill, the education and financial media company, the four company-owned TV stations held steady as other sectors took hits.
“Revenue of $23.7 million for the Broadcasting Group was essentially flat in the first quarter compared to last year as local and political advertising offset softness in national time sales,” the company said in a statement.
Television is just a small part of McGraw-Hill, which earned $81.1 million (25 cents per share) in the quarter, a 43 percent drop from $143.9 million (40 cents per share) in the first quarter of last year, on revenues of $1.2 billion, a 6.1 percent drop.
The company also declared a dividend of 22 cents per share, payable June 11.
“The uncertainty in financial markets and a weakening economy continue to make 2008 a challenging year for The McGraw-Hill Companies,” it said in a statement. “If current trends in financial markets continue for the balance of the year, we would expect earnings per share in the $2.65 to $2.75 range for 2008.”
McGraw-Hill owns Business Week, J.D. Power and Associates and credit services giant Standard & Poor’s in addition to ABC affiliates in Bakersfield, Calif., Denver, San Diego and Indianapolis.
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