writenews.com Index Advertising Classifieds Feedback Feeds Homepage Linking to Us Our Blog Network Sitemap Subscribe Other Resources Bloggers BlogTM Gamers GameTM HowToWeb® The Internet Writing Journal® Media Books MediaCynic.com ReadersRead.com Shoppers ShopTM Shopping BlogTM Traders TradeTM Watchers Watch WriteJobs.com Writers Write® WWForums.com

News, features and resources for media and publishing professionals. Friday, December 14, 2001 Blogs | Subscribe | Interviews | Events | Films | Book Blog Media Cynic | Forum | Advertising | Classifieds | Jobs The McGraw-Hill Companies Announces Layoffs The McGraw-Hill Companies announced it will restructure certain business operations. The restructuring includes the reduction of approximately 925 employees, or 5 percent of the workforce. Founded in 1888, The McGraw-Hill Companies is an information services provider in the financial services, education and business information markets through brands such as Standard & Poor's, BusinessWeek and McGraw-Hill Education. ``The prudent restructuring actions we are announcing today, combined with favorable long-term trends in our three major markets, education, financial services and information and media services, position the Corporation for solid performance in 2002 and beyond,'' said Harold McGraw III, Chairman and CEO of The McGraw-Hill Companies. ``We are sharpening our focus on our core properties and major capabilities as we enter 2002.'' ``The decision to eliminate staff is difficult, but the long term interests of the Corporation are best served by effectively addressing the needs of our businesses. Severance payments and a range of assistance will be provided to all affected employees,'' said Mr. McGraw. McGraw-Hill Education will discontinue local publishing activities in certain international markets and will consolidate international operations. Additionally, McGraw-Hill Education intends to close its business training courseware operations. The Education segment will reduce its staffing by approximately 575 employees, mostly from within its International unit and business training courseware operations. Some additional reductions will occur in new media and other areas. In the Financial Services segment, the bulk of the restructuring charge comes from write downs of assets related to Standard & Poor's decision to dispose of certain non-strategic properties in the investment services area. There will also be approximately 50 employee reductions across the segment. In the Information and Media Services segment, most of the restructuring charge results from the construction unit's permanent write downs of certain ecommerce investments and approximately 300 staff reductions across the segment, including previously announced positions at BusinessWeek, the Broadcasting Group and the McGraw-Hill Construction Information Group. Related Links: · The McGraw-Hill Companies · BusinessWeek Click here to return to the homepage of The Write NewsTM Click here to subscribe to our free weekly email newsletter. www.writenews.com Copyright © 1997-2007 by Writers Write, Inc. All Rights Reserved.