KMGH for Sale

KMGH-Channel 7, which has been owned by publishing house McGraw-Hill since 1972, is up for sale along with other Mc-Graw Hill television stations.

Here’s more from Marketwatch:

McGraw-Hill, best known for its Standard & Poor’s ratings service and for educational products, has hired Morgan Stanley to assist in the divestment. The company is looking to shed its ABC affiliate television stations in Denver, San Diego, Indianapolis and Bakersfield, Calif.; and its Azteca America affiliates in five markets.

The company said the properties “should be attractive,” given their desirable locations.

Here’s Channel 7’s own story about it, which was written in New York according to the byline:

The planned divestiture is part of a continuing portfolio review that McGraw-Hill is undertaking across the enterprise to reevaluate its strategic core and ensure it is appropriately allocating capital to generate shareholder value, officials said.

“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 Chief Executive Officer.

The Broadcasting Group had revenues of almost $100 million in 2010, up 18 percent over the prior year.

It is unknown who potential buyers may be.

(Hat tip to Paul)

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One Response

  1. This is really shocking news, though I’ve heard that ABC is the frontrunner for buying the station.

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