McGraw Hill expects a $0.02 per share gain when the sale of BusinessWeek closes in Q4, the company said in its Q3 earnings report. That amounts to $9.3 million before taxes and $5.9 million after taxes from Bloomberg taking the publication off its hands. Earlier this month, Bloomberg’s purchase of BusinessWeek was estimated to be somewhere between $2 million and $5 million, including liabilities. Separately, McGraw Hill pointed to dismal ad-page numbers at BusinessWeek, citing Publishers Information Bureau, which said the magazine’s global edition decreased by 29.3 percent in Q3.
|3Q 2009||3Q 2008||Estimate|
For the Business-to-Business Group in all, revenue fell 8.7 percent to $219.8 million. Energy business mag Platts was the only bright spot in the segment, which besides BusinessWeek, includes Aviation Week, J.D. Power and Associates and McGraw-Hill (NYSE: MHP) Construction.