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Not to be confused with husband and wife Tim McGraw and Faith Hill.
The McGraw-Hill Companies, Inc.
Company typePublic
NYSE: MHP
S&P 500 Component
IndustryMedia
Founded1917
Headquarters1221 Avenue of the Americas
New York City, U.S.
Area served
Worldwide
Key people
Harold W. McGraw III
(Chairman, President and CEO)
ProductsPublishing
RevenueIncrease US$ 6.168 billion (2010)[1]
Increase US$ 1.421 billion (2010)[1]
Increase US$ 828.1 million (2010)[1]
Total assetsIncrease US$ 7.047 billion (2010)[1]
Total equityIncrease US$ 2.291 billion (2010)[1]
Number of employees
20,755 (December 2010)[1]
SubsidiariesStandard & Poor's
J.D. Power and Associates
Platts
Aviation Week
McGraw-Hill Construction
McGraw-Hill Education
WebsiteMcGraw-Hill.com
1221 Avenue of the Americas, the headquarters of McGraw-Hill
File:McGraw-Hill 90s.jpg
McGraw-Hill's 1990s logo

The McGraw-Hill Companies, Inc., is an American publicly traded corporation headquartered in Rockefeller Center in New York City. Its primary areas of business are financial, publishing, and business services. It publishes numerous textbooks and magazines, including Architectural Record and Aviation Week, and is the parent company of Standard & Poor's, Platts, and J.D. Power and Associates. It is the majority owner of the Canadian publisher McGraw-Hill Ryerson (TSX) and McGraw-Hill Dodge, which publishes the Dodge Construction Report. The company has its corporate headquarters in 1221 Avenue of the Americas, Midtown Manhattan, New York City.[2]

Corporate history

The McGraw-Hill Companies traces its history back to 1888 when James H. McGraw, co-founder of the company, purchased the American Journal of Railway Appliances. He continued to add further publications, eventually establishing The McGraw Publishing Company in 1899. His co-founder, John A. Hill, had also produced several technical and trade publications and in 1902 formed his own business, The Hill Publishing Company.

In 1909 both men, having known each other's interests, agreed upon an alliance and combined the book departments of their publishing companies into The McGraw-Hill Book Company. John Hill served as President, with James McGraw as Vice-President. 1917 saw the merger of the remaining parts of each business into The McGraw-Hill Publishing Company, Inc.[3] In 1986, McGraw-Hill bought out competitor The Economy Company, then the nation's largest publisher of educational material. The buyout made McGraw-Hill the largest educational publisher in the U.S.[4]

McGraw-Hill Publishing Company, Inc became The McGraw-Hill Companies in 1995, as part of a corporate identity rebranding.[5][failed verification]

In a 2007 strategy move, McGraw-Hill launched an online student study network, GradeGuru.com. This offering gave McGraw-Hill an opportunity to connect directly with its end users, the students. The site closed on April 29, 2012.

On October 3, 2011, McGraw-Hill announced it was selling its entire television station group to The E.W. Scripps Company for $212 million.[6] The sale was completed on December 30, 2011. It had been involved in broadcasting since 1972, when it purchased four television stations from a division of Time Inc.

On November 26, 2012, McGraw-Hill announced it was selling its entire education division to Apollo Global Management for $2.5 Billion.[7]

Corporate organization

The McGraw-Hill Companies organizes its businesses around three segments, based upon the market they are involved in.

Education

McGraw-Hill Education is a content, software and services-based education company that offers solutions for pre-K through postgraduate education. The company also provides reference & trade publications for the medical, business and engineering professions.[8]

Divisions of McGraw-Hill Education include:

McGraw-Hill Education is also established in Asia, Australia, Canada (as McGraw Hill Ryerson) Europe, India (as Tata/McGraw-Hill), and Latin America (as McGraw-Hill Interamericana).

Responding to the growing demand for technology in today’s K-12 and college classrooms, McGraw-Hill Education began shifting from a print-based business model to one that relies on digital products sold through subscriptions and other services in the late 2000s. This shift has accelerated in recent years with an increased focus on developing adaptive learning systems that enable classroom teaching to come closer to a one-to-one student-teacher interaction. These systems achieve personalized student learning by assessing each student's skill level and using data to determine how each can progress through lessons most effectively. The company’s two flagship adaptive learning products are the Power of U [2], for middle school math students, and LearnSmart [3], for the higher education market.

On November 26, 2012 McGraw-Hill agreed to sell its education division to Apollo Global Management for a reported $2.5 billion. The sale will shift the focus of McGraw-Hill from a education and publishing firm into a provider of financial information. [4]

Financial services

This division, Standard & Poor's, provides independent investment research including ratings on various investment instruments, as well as various indices that gauge financial markets, such as the widely tracked S&P 500.

Information and media

McGraw-Hill Construction

File:McGraw Construction.jpg
McGraw-Hill Logo

McGraw-Hill Construction, a division of the McGraw-Hill companies, is a publisher of construction information in the United States and Canada. It publishes Architectural Record, GreenSource Magazine, Dodge Reports, Engineering News-Record (ENR), Sweets and McGraw-Hill Construction Regionals.

In October 2009, Reed Construction Data, a chief competitor in the field of commercial construction data reporting, filed suit in federal court against McGraw-Hill Construction, charging that the company's Dodge Report had unlawfully accessed confidential and trade secret information from Reed since 2002 by using a series of fake companies to pose as Reed customers. The lawsuit, filed in the U.S. District Court for the Southern District of New York, seeks an unspecified amount in lost profits and punitive damages, trial by jury, and injunctive relief as a result of Dodge’s misuse of proprietary construction project information, and that Dodge allegedly manipulated the information to create misleading comparisons between Dodge’s and Reed’s products and services in an effort to mislead the marketplace.[9]

McGraw-Hill Broadcasting

Presidents of the company

Acquisitions

During the course of its history, the McGraw-Hill Companies has expanded significantly through acquisition, not just within the publishing industry but also into other areas such as financial services (the purchase of Standard & Poor's in 1966) and broadcasting (the 1972 acquisition of Time-Life Broadcasting).

Date of acquisition Asset acquired Industry
1920 Newton Falls Paper Company[10] -
1928 A.W. Shaw Company[10] -
1950s Gregg Company[10] Publisher of vocational textbooks
1953 Companies of Warren C Platts, including Platts[10][11] Publisher of petroleum industry information
1961 F.W. Dodge Corporation[12] Publisher of construction industry information
1965 California Test Bureau[10] Developer of educational testing systems
1966 Standard & Poor's[12] Financial Services
1968 National Radio Institute Correspondence School
1970 The Ryerson Press Educational and trade publishing
1972 Television Stations of Time Life Broadcasting[12] Broadcasting
1986 The Economy Company[4] Educational publishing
1996 Random House Schools and Colleges[13] Educational publishing
1996 Times Mirror Higher Education[14] Educational publishing
1997 Micropal Group Limited[14] Financial Services
1999 Appleton & Lange[15] Publisher of medical information
2000 Tribune Education, including NTC/Contemporary[16] Publisher of supplementary educational materials
2002 Open University Press University press - academic publications
2005 J.D. Power & Associates[17] Marketing information provider

Note that this list only includes acquisitions made by McGraw-Hill, not its subsidiaries. McGraw-Hill typically does not release financial information regarding its acquisitions or divestitures.

Partnerships

McGraw-Hill has partnered with five other higher-education publishers to create CourseSmart, a company developed to sell college textbooks in eTextbook format on a common platform.[18]

The McGraw-Hill Building

Main article: Trapped in an Elevator for 41 Hours
  • The McGraw-Hill Building in New York City has received prominent attention. In April 2008, surveillance camera footage was released of Nicholas White, a production manager for BusinessWeek (then published by McGraw-Hill) who was trapped in the building's elevator for 41 hours in October 1999.[19]

Connection to the family of George W. Bush

The families of the McGraws and President George W. Bush have a long relationship. According to McGraw-Hill, Barbara Bush is a member of their advisory board.[20] Their California Test Bureau division has provided testing material integral to No Child Left Behind, a Bush White House program.[21]

McGraw-Hill Federal Credit Union

The McGraw-Hill Federal Credit Union,[22] established in 1935, originally served employees of the McGraw-Hill companies in New York City only. The credit union moved from its location inside the McGraw-Hill building to East Windsor, New Jersey in 2005. Its accounts are insured by the National Credit Union Administration.

It provides savings, checking accounts, CDs, money-market accounts, IRAs, credit cards, auto loans, and home mortgages.

Awards

In 1999, the National Building Museum presented the McGraw-Hill Companies with its annual Honor Award for the corporation's contributions to the built environment.[23]

References

  1. ^ a b c d e f "2010 Form 10-K, The McGraw-Hill Companies, Inc". United States Securities and Exchange Commission.
  2. ^ "New York." McGraw-Hill. Retrieved on March 11, 2010.
  3. ^ "About Us: Corporate History: The Foundation". Retrieved May 26, 2007.
  4. ^ a b Tipton, David (1986-07-03). "McGraw Hill Buying The Economy Company". The Journal Record. {{cite news}}: |access-date= requires |url= (help)
  5. ^ "About Us: Corporate History: The Information Age". Retrieved May 26, 2007.
  6. ^ McGraw-Hill Sells TV Group To Scripps, TVNewsCheck, October 3, 2011.
  7. ^ [1], "New York Times", November 26, 2012.
  8. ^ "Education - The McGraw-Hill Companies". Retrieved May 26, 2007.
  9. ^ http://www.reedconstructiondata.com/corporate/press-releases/2009/10/reed-construction-data-files-corporate-espionage-lawsuit-against-mcgraw-hil
  10. ^ a b c d e "About Us: Corporate History: Development". Retrieved May 26, 2007.
  11. ^ "Platts History". Retrieved May 26, 2007.[dead link]
  12. ^ a b c "About Us: Corporate History: Expansion". Retrieved May 26, 2007.
  13. ^ Edwin McDowell (September 29, 1988). "McGraw-Hill Is Buying 2 Random House Units". The New York Times.
  14. ^ a b Iver Peterson (July 4, 1996). "Times Mirror in Two Deals To Bolster Legal Publisher". The New York Times. Retrieved September 1, 2009. Cite error: The named reference "mcgraw-hillannounce" was defined multiple times with different content (see the help page).
  15. ^ "The McGraw-Hill Companies Completes Acquisition of Appleton & Lange". Retrieved May 26, 2007.
  16. ^ "The McGraw-Hill Companies To Acquire Tribune Education; Acquisition Strengthens McGraw-Hill Education's Leadership Position". Retrieved May 26, 2007.
  17. ^ "The McGraw-Hill Companies Completes Acquisition of J.D. Power and Associates". Retrieved May 26, 2007.
  18. ^ "New Agreement Makes [[ebook|eTextbook]]s Available to Students". {{cite web}}: URL–wikilink conflict (help)
  19. ^ YouTube - Trapped in the elevator for 41 hours
  20. ^ "Barbara Bush". The Mcgraw-Hill Companies.
  21. ^ "McGraw-Hill & Bush: The Graft and the Twig". School Matter. 4 August 2006.
  22. ^ http://www.mcgrawhillfcu.org
  23. ^ "Honor Award". National Building Museum.
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