David - thanks for the kind words here. I haven't had a chance yet to look in detail at the McGraw-Hill statements. Any word of the extent to which increased online revenues are plugging the whole left by the missing Asia/Europe ad pages? That was, I recall, the strategy they outlined when they announced that they were closing the regional editions. If not, I suppose we can assume that the online increase is much less than 12%. I think it is only in the tech sector where increase in online sales is now outpacing the continuing decline in print ads.
I don't have the details, but I think you're right--while online revenues are growing, they haven't generally made up for the decline in print advertising by themselves. Most non-tech heavy b2b companies seem to be holding their own or increasing revenues slightly with their trade show performance outweighing their print declines. Online is a small component of that, though growing.
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