McGraw-Hill Education Sold for $2.5 Billion

The McGraw-Hill Companies has sold its education division to Apollo Global Management for $2.5 billion, the companies announced Monday. Lloyd G. (Buzz) Waterhouse, president and CEO of McGraw-Hill Education, said in an interview Monday that customers who use McGraw-Hill products and services should expect "very little" change in the short term, "and definitely not a change in service levels." Waterhouse said that the company would continue to expand in digital education, and that -- as a private company -- "we won't need to worry about short-term focus and pressures."