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May 18, 1989 | MARTHA GROVES, Times Staff Writer
Media lord Robert Maxwell has agreed to combine his educational publishing business with rival McGraw-Hill's and has also signed an agreement that will bar him from hostile takeover moves against the book and magazine company that he has reportedly long coveted. Under a joint venture agreement announced Wednesday, McGraw-Hill and Maxwell's Macmillan Inc. would combine their elementary, secondary and vocational education businesses into a new company to be called Macmillan/McGraw-Hill School Publishing Co. The units, which had combined sales of $440 million last year, together would represent the nation's second-largest textbook publisher, after Harcourt Brace Jovanovich.
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BUSINESS
May 18, 1989 | MARTHA GROVES, Times Staff Writer
Media lord Robert Maxwell has agreed to combine his educational publishing business with rival McGraw-Hill's and has also signed an agreement that will bar him from hostile takeover moves against the book and magazine company that he has reportedly long coveted. Under a joint venture agreement announced Wednesday, McGraw-Hill and Maxwell's Macmillan Inc. would combine their elementary, secondary and vocational education businesses into a new company to be called Macmillan/McGraw-Hill School Publishing Co. The units, which had combined sales of $440 million last year, together would represent the nation's second-largest textbook publisher, after Harcourt Brace Jovanovich.
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