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New York-based publisher McGraw-Hill has announced that as part of a new restructuring plan it has cut 500 jobs. As a result of the announcement the company is to face an after-tax charge in the fourth quarter of USD0.04 per share, or USD14.6m. According to the The Street.com, a large portion of the restructuring charge was accounted for by the publisher's information and media services segment. This was comprised of previously announced closures of BusinessWeek operations and the discontinuation of its print editions in Europe and Asia, said The Street.com.
In addition the technology operations of the publisher's education division were consolidated and its finance department centralised.
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