McGraw-Hill reported $23.3 million in Broadcasting Group revenue for the fourth quarter of 2009, a 26.6% decrease from the fourth quarter of 2008. For the full year, broadcasting revenue slipped 24.2%.
"The absence of political advertising in a non-election year was the biggest factor in the decrease in both fourth quarter and full year results," the company said in a statement. McGraw-Hill owns four ABC affiliates, including KGTV San Diego, in addition to its educational and financial services.
Net income for the fourth quarter of 2009 increased by 44.3% to $167.3 million. Fourth quarter revenue grew by 3.3% to $1.5 billion.
"Continued recovery in the corporate new issue market here and overseas at Standard & Poor's Credit Market Services and an upswing in higher education, professional and international markets enabled us to finish 2009 positively and set the stage for more growth in 2010," said McGraw-Hill Companies Chairman/President/CEO Harold McGraw II. "Increased revenue and tight cost controls contributed to substantial improvement in our operating margin in the fourth quarter compared to the same period last year."
