McGraw-Hill cuts 550 jobs, takes charge
NEW YORK (Reuters) - McGraw-Hill Cos Inc (MHP.N) said it has cut 550 jobs as the publisher and financial services company struggles with lower demand for textbooks and credit ratings.
The New York-based company, parent of rating agency Standard & Poor's, said on Thursday it would take a pre-tax charge in the second quarter of $24.3 million related to the job cuts.
It also recorded a reversal of $9.1 million of changes from prior restructuring initiatives, resulting in a net restructuring pre-tax charge of $15.2 million in the quarter.
After taxes, the net charge is $9.7 million, or 3 cents per share, it said.
McGraw-Hill slashed 340 positions in its education division, 85 in its financial services unit, and 125 in its information and media business.
The company's earnings have been under pressure in recent quarters amid lower demand for school textbooks and for credit ratings on mortgages and other complex debt.
(Reporting by Juan Lagorio; editing by John Wallace)
