Nov. 26 McGraw Hill Publishers announced the sale of their educational textbook branch to Apollo Global Managment according to the Associated Press. The sale of 2.5 billion in cash and debt is a big move that has a personal note with me.
Three years ago I spent six month working as the Professional Assistant to a Sales Associate at McGraw Hill Publishers here in the Bay Area, and it was one of the worst conditions of my life. I spent the time reorganizing and taking inventory on the storage units they used instead of a proper warehouse, making deliveries and pick-ups, organizing drop-offs at the storage units, and running errands for my employer who will remain nameless.
All of this could remain tolerable if it weren't for the constant knowledge of what McGraw was spending to make the books versus what they were making off of them, and the fact that despite this astronomic profit margins I had to call the labor board not once, but twice to get my paycheck after it had been weeks too late made for a less than tolerable situation.
In the end I can't say I'm not happy to see this sale, but I would likely be happier if the number on the price tag was a little less for this multi-billion dollar branch of the company.