Publishers Agree To Swap Operations

Times Mirror Co. said it will trade its college publishing group to McGraw-Hill in exchange for a legal publishing unit.

McGraw-Hill will become the world’s largest educational publisher under the deal announced Wednesday, the companies said.

In return for its Shepard’s publishing unit, McGraw-Hill will receive the Times Mirror Higher Education Group and other undisclosed consideration. McGraw-Hill said the agreement requires federal approval and should be completed this fall.

“College publishing is a promising segment which offers us significant opportunities,” said Joseph L. Dionne, chairman and chief executive officer for the New York-base McGraw-Hill Cos.