Here are some comments made about the pending sale of BusinessWeek to Bloomberg LP on the McGraw-Hill Cos. conference call Monday.
CEO Terry McGraw:
CFO Robert Bahash:
“On October 13 we signed an agreement to sell BusinessWeek to Bloomberg. We will receive $5 million in cash and Bloomberg will assume certain liabilities including our unfulfilled subscription liabilities.”
“The divestiture will reduce our dependence on advertising revenue. Following the divestiture of BusinessWeek advertising will represent about 2% of pro-forma total revenue versus approximately 4% previously.”
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