McGraw-Hill to sell broadcasting group for $212 million

New York—McGraw-Hill Cos. has agreed to sell its broadcasting group to E.W. Scripps Co. for $212 million in cash. The broadcasting group includes television stations in Denver, Indianapolis and San Diego.

“This transaction is another step in executing McGraw-Hill's Growth and Value Plan for the benefit of our shareholders, customers and employees,” said Harold “Terry” McGraw III, McGraw-Hill's chairman and president-CEO, in a statement. “This divestiture will produce good value for a nonstrategic 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.

Originally posted on: 10/4/11