McGraw-Hill Agrees To Sell Its Education Publishing Business For $2.5B

Private equity investor Apollo Global Management is buying the huge textbook operation. Once the deal closes, either late this year or early next, McGraw-Hill says it will position itself as “high-growth, high-margin benchmarks, content and analytics company” to be renamed McGraw-Hill Financial. The deal follows by more than a year the company’s announcement that it would separate the capital-intensive textbook operation from the unit that includes Standard & Poor’s. Activist hedge fund Jana Partners and the Ontario Teachers’ Pension Plan Board had pushed for the change saying that McGraw-Hill had become too unfocused as educational publishing diluted earnings. CEO Harold “Terry” McGraw III will stick with the financial business. Last year the company sold its nine television stations to E.W. Scripps. Here’s today’s release: (more…)

This article was printed from https://deadline.com/2012/11/mcgraw-hill-apollo-group-education-publishing-deal-376859/