Tough quarter for McGraw-Hill

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Television revenues were flat in Q1, with political ad sales counterbalancing the soft market for general advertising at McGraw-Hill. In fact, the Information & Media division, including BusinessWeek and such, was up 3.2% overall to 243.4 million. But that is a small part of McGraw-Hill and the company’s bread and butter Financial Services division dropped 11.6% to 644.3 million, with fewer companies seeking new credit ratings in the current economic downturn. Companywide, revenues fell 6.1% to 1.2 billion. Earnings per share were 25 cents, down from 40 cents a year ago.