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.
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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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