NEW YORK—McGraw-Hill Cos., best known for publishing textbooks and other educational materials, said Tuesday that it plans to divest its broadcasting unit as it reviews its portfolio across its business.
The company said it is also evaluating general and administrative expenses throughout the company.
“McGraw-Hill has successfully evolved its business mix over the years and is committed to driving superior shareholder value by focusing on high-growth global brands and businesses,” Harold McGraw III, chairman, president and CEO, said in a statement.
The New York-based company also provides marketing research and analysis to corporate clients and owns the financial ratings agency Standard & Poor’s.
The broadcasting group had revenue of $100 million last year, up 18 percent from 2009. It includes ABC affiliates in Denver, San Diego and Indianapolis and Azteca America affiliates in several markets.
