McGraw Hill has ABC affiliates in Denver, Indianapolis, San Diego and Bakersfield, along with a handful of low power Azteca America affiliates in San Diego and Colorado – accounting for just a sliver of the company’s total business. But the television group’s drop of -23.6% in earnings was below par for the company as a whole, which fell -14%.
Broadcast revenue amounted to $19.1M for Q3. The company said that local and national spot were both down, but that the biggest reason for the decline was the lack of election cash.
Overall, earnings dropped to $336.1M on revenues of $1.9B, a figure that itself represented a -8% decline. Nevertheless, it beat estimates by two cents with an earnings-per-share result of $1.07.
The company expects a Q4 gain of two cents per share on its sale of BusinessWeek.