NEW YORK, Dec. 1 /PRNewswire-FirstCall/ -- The McGraw-Hill Companies (NYSE: MHP) today announced it has completed the sale of BusinessWeek to Bloomberg L.P. As previously announced, the Corporation expects to recognize a $9.3 million pre-tax ($5.9 million post-tax) gain from the sale, or approximately 2 cents per diluted share, in its results for the fourth quarter of 2009.
"I am grateful to everyone who helped build BusinessWeek into the globally respected, flagship brand that it is, and I am proud that its name and all that it represents - independence, integrity and insightful reporting - will live on at Bloomberg," said Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies.
The transaction will enable The McGraw-Hill Companies to continue focusing resources on building the size, scale and global presence of its leading brands across fast-growing worldwide markets in financial services, education and business data and analytics.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies is a leading global company in the financial services, business intelligence and education markets with leading brands such as Standard & Poor's, McGraw-Hill Education, Platts, Capital IQ, J.D. Power and Associates, McGraw-Hill Construction and Aviation Week. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com.
Investor Relations: http://www.mcgraw-hill.com/investor_relations
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Release issued: December 1, 2009
SOURCE The McGraw-Hill Companies