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  "documentTitle": "The McGraw-Hill Companies (MHP)",
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  "presentationDate": "2011-08-22 00:00:00",
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  "notes": "Uses 'orphan' asset framing to justify a spin-off or divestiture.",
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      "kind": "callout",
      "text": "A standalone Information & Media business could better optimize operational performance, garner investor attention and participate in consolidation.",
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      "text": "From an investor's perspective, the Information & Media business is lost within the broader McGraw-Hill conglomerate structure and is too small to move the needle. Information & Media represents only ~10% of EBIT and is overshadowed by three other segments. Management has recognized that Platts is “an underappreciated gem”(1) within the company. From an operational perspective, Information & Media does not receive the growth support, organizational focus / prioritization or equity incentives needed to maximize performance. In the media space there is a strong track record of ‘orphan’ assets like Info. & Media materially improving performance once equipped with the appropriate attention, resources and incentives. Information & Media is well positioned to participate in information services industry consolidation. As a buyer: While McGraw-Hill has recently supported two Info. & Media acquisitions (Bentek and Steel Business Briefing Group), a standalone Info. & Media business could be considerably more acquisitive, in line with information services peers, to drive growth, margins and value creation. As a seller: Information & Media would be a highly valued acquisition candidate for larger pure-play info services companies or diversified media companies looking for info services exposure.",
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      "text": "Information & Media: Obscured Value And Disadvantaged In M&A",
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