Auto drags down McGraw-Hill TV

Q2 broadcasting revenues plunged 16% at McGraw-Hill to 26.8 million, with CEO Terry McGraw citing both the lack of political advertising and a sharp drown in auto advertising. Q3 is pacing down 4%. Meanwhile, revenues and earnings for the overall company were up double digits in Q2, led by the Financial Services division with a 21.2% increase to 821 million. Total company revenues rose 12.5% to 1.7 billion. Net income rose 25.4% to 277.1 million.

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