Gannett Co. reported a drop of less than 1 percent in second-quarter sales as declining print advertising held back growth for the USA Today publisher, which is increasingly focused on the television industry.
Tribune Co. agreed to buy Local TV Holdings LLC’s 19 television stations for $2.73 billion in cash, the biggest U.S. broadcasting deal in six years, to get better negotiating leverage with advertisers and cable companies.
Gannett Co., the owner of 82 daily newspapers and 23 television stations, reported a jump in third- quarter profit as a decline in publishing revenue was offset by political and Olympics television ad spending.
McGraw-Hill Cos., accused by the U.S. of misleading investors about the risks of mortgage bonds that helped ignite the credit crisis, reported the highest sales at its Standard & Poor’s unit since at least 2010, while posting a net loss because of the divestiture of its education unit.
After 30-year-old Harold W. “Terry” McGraw III helped his father fend off a hostile takeover from American Express Co. more than three decades ago, McGraw-Hill Cos. shareholders were rewarded with an 11 percent annualized return through 2012.