McGraw-Hill Cos. broadcasting division’s revenue dropped 22.9 percent this quarter, reflecting a “softness” in local and national advertising and a lack of political ads, the company reported today. The broadcasting group, which consists of four ABC affiliates, earned $18.3 million for the textbook publisher.
The company also reported that BusinessWeek magazine, which it publishes, saw a 39.8% drop in ad pages this quarter compared to Q1 2008. BusinessWeek magazine and the rest of the Information & Media group’s profits plummeted 76.4% to $2.8 million.
McGraw-Hill’s profits overall fell 22 percent, and revenue fell 5.7% to $1.1 billion.