McGraw-Hill To Cut 550 Jobs From Education Unit

NEW YORK (AP) -- Publishing company McGraw-Hill Cos., which owns the Standard & Poor's corporate credit rating firm, says it will cut 550 jobs at its education arm and freeze all employees' pensions next year as part of a plan to split into two companies.

At the education business, McGraw-Hill said Wednesday that it will cut 20 percent of executive positions and 10 percent of the workforce overall, making most of the reductions by the end of this year.