The Ontario Teachers’ Pension Plan (Teachers’) and New York-based hedge fund JANA Partners LLC have bought additional shares in McGraw-Hill Companies, increasing their collective stake in the company to 5.2%, worth $531 million. Teachers’ now holds a 2.3% stake and JANA Partners holds a 2.9% stake. Both investors are pushing the New York-based publishing company to boost its market value, which could include breaking off parts of the company.
McGraw-Hill produces textbooks and trade publications, runs nine television stations and owns Platts energy information services, J-D Power and Associates and financial ratings agency Standard & Poor’s. In June, it said it planned to review its businesses and had decided to sell off its broadcasting group.
JANA Partners said in its securities filing it has already had discussions with McGraw-Hill about the company’s operations and future plans.
A McGraw-Hill spokesperson said in a prepared statement that the company was reviewing its business operations and would announce additional “significant actions” in 2011.