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Kissin' Kin

by Susan Ohanian

This news is from Reuters:

McGraw-Hill Education is pressing ahead with plans to go public and has hired underwriters to assist in an initial public offering valuing the company between $5 billion and $6 billion, including debt, according to people familiar with the matter.

McGraw-Hill Education is owned by the private equity giant Apollo Global Management LLC. The New York Times reported that Leon D. Black, 63, the chief executive and co-founder of Apollo Global Management, received a total of $330.6 million for 2014, according to a regulatory filing on Friday, a smaller sum than the $546.3 million he received in 2013.

Of interest: A few of the other companies owned by Apollo Global include:

Harrah's Entertainment
Jacuzzi Brands
Oceana Cruises

According to Reuters, "Apollo acquired the business from McGraw-Hill Companies in March 2013 for $2.4 billion. Since then, Apollo has increased the company's profits, cut costs and expanded its digital offerings."

Put an emphasis on "expanded digital offerings." Recently, McGraw-Hill announced that it's getting out of summative testing. Apollo Global claims to know where the money is: software, software, software.

— Susan Ohanian




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