McGraw-Hill Aims to Offload TV Stations

NEW YORK: The McGraw-Hill Companies is looking to exit the broadcasting business, enlisting Morgan Stanley & Co. to find buyers for its portfolio of U.S. TV stations.

The move is part of a strategic review at McGraw-Hill to "reevaluate its strategic core and ensure it is appropriately allocating capital to generate shareholder value." The stations—which generated more than $100 million in revenues in 2010—include ABC affiliates in Denver, San Diego, Bakersfield, Indianapolis, and Azteca America affiliates in Denver, Fort Collins, Colorado Springs, San Diego and Bakersfield. "The television stations in the group are in desirable markets and should be attractive to strategic and financial buyers with a focus on media," the company said in a statement.

"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," said Harold McGraw III, chairman, president and CEO.