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  "documentTitle": "The McGraw-Hill Companies (MHP)",
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  "notes": "Uses AAP data to contrast 'New Adoptions' vs 'Other US K-12 Ed Spend' market share trends from 2007-2010.",
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      "kind": "callout",
      "text": "McGraw-Hill has largely maintained share in new adoptions, but appears to have lost relative market share in the more attractive non-adoption market",
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      "text": "MH Education would be better positioned to compete standalone with greater attention and incentives to reverse share loss and direct the business for success.",
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      "text": "MHP Share: US K-12 New Adoptions vs Other US K-12 Ed Spend (2007-2010)",
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      "text": "Despite its strong history and legacy market position, in recent years operating performance has weakened and MH Education has significantly underperformed\nMH Education has lost share in its higher education business\nBased on AAP data, MH Education's K-12 business has experienced share loss outside of new adoptions\nThese losses are a major ongoing concern, as they appear to reflect McGraw-Hill’s competitive disadvantage in the faster growing and more attractive areas of K-12 education spending",
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      "text": "Note: \"US K-12 New Adoptions\" represents MHP share of new adoptions in adoption states, and \"Other US K-12 Ed Spend\" represents MHP share of open territory sales, residual sales in adoption states and supplemental sales. Market data per AAP as disclosed in Stifel Nicolaus “2011 Outlook for El-hi Publishing” report dated January 19, 2011.",
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