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McGraw-Hill and Cengage are hoping to form what would be the second-largest publisher of textbooks in the U.S. market by revenue. The companies say the merger will help the combined company find $300 million in cost savings over the next three years, which they say they plan to invest in digital textbooks. Digital publishing has become a way for traditional textbook publishers to target students as skyrocketing prices have made the demand for traditional textbooks fall off in recent years.
Click the audio player above to hear the full story.
Correction (May 2): The audio version of this story mischaracterizes the deal between McGraw-Hill and Cengage. The companies are merging.
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