Reporting Q3 results, Cengage c.e.o. Michael Hanson said that the merger with McGraw-Hill was now expected to close in mid-2020, due to a slower-than-expected regulatory process. Previously the companies had announced an extension of their merger agreement to May, and Hansen said the agreement allowed for another extension to August 1. DOJ approval will likely require divestment of courses across the Cengage and McGraw-Hill portfolio, with an impact that Hansen said was too early to quantify. Cengage is already in talks with purchasers of perspective courses, and the rationale for the merger remains strong. “We remain confident, and are committed […]
