Denver’s KMGH-TV-Channel 7 is for sale along with the rest of McGraw-Hill’s TV properties nationally.
The textbook company, now known mainly for its Standard & Poor’s financial data, is getting out of the broadcasting business.
Tuesday’s announcement said McGraw-Hill has retained Morgan Stanley “to pursue the divestiture of its broadcasting group.” McGraw-Hill’s four stations “are in desirable markets and should be attractive to strategic and financial buyers with a focus on media,” the company said.
The broadcasting group had revenues of almost $100 million in 2010 and, in addition to ABC affiliate KMGH Denver, includes ABC affiliates KGTV San Diego, KERO Bakersfield and WRTV Indianapolis, along with Azteca America affiliates in Denver, Fort Collins, Colorado Springs, San Diego and Bakersfield.
The broadcasting group’s $100 million in revenues is reportedly slightly more than 1 percent of McGraw-Hill’s overall corporate revenues.
The company’s flagship station in Denver, which bears the initials of owner McGraw-Hill, is known for winning prestigious journalism awards but perennially lagging in the Nielsens. True to form, KMGH won an Edward R. Murrow Award from the Radio-Television Digital News Association on Tuesday as the sale was announced.
On Tuesday, Channel 7 newsroom staffers, as well as McGraw-Hill President Darrell Brown in San Diego, formerly general manager of KMGH, declined to speak on the record about the impending divestiture and its potential impact on personnel.
Joanne Ostrow: 303-954-1830 or jostrow@denverpost.com
