The McGraw-Hill Companies Fights To Overturn Unconstitutional Court Order; Last Minute Restraint Order Violates First Amendment

Business Wire, Sept 14, 1995

NEW YORK--(BUSINESS WIRE)--September 14, 1995--The McGraw-Hill Companies and its Business Week publication are vigorously challenging a prior restraint order filed last night by the United States District Court for the Southern District of Ohio, Western Division. The Corporation believes the Court's order is unconstitutional under the First Amendment and is fighting to have it immediately overturned.

The eleventh-hour Court order received Wednesday evening caused Business Week, facing its weekly publication deadline, to remove a breaking news story which included significant information contained in court documents. The news story was an investigative report on the ongoing derivatives litigation between The Procter & Gamble Company and Bankers Trust Company.

The Court's order was sent to The McGraw-Hill Companies yesterday evening by facsimile, without any prior opportunity for the Corporation to present to the Court the serious First Amendment issues raised by this ruling.

"The information Business Week was prohibited from publishing last night is based on court records our reporter legally acquired from a confidential source," said Stephen B. Shepard, Editor-In-Chief of Business Week. "Business Week acted lawfully in acquiring these court records, and should be free under the First Amendment to publish this controversial and compelling news story."

The McGraw-Hill Companies immediately challenged the Court's order last night, and today filed an expedited appeal with the Sixth Circuit Court of Appeals requesting that the Court's order be immediately overturned.

"While we are complying fully with the Court's order, we intend to fight this unconstitutional prior restraint and preserve our First Amendment rights," said Shepard.

Business Week is the world's largest business magazine with a circulation of more than one million.

The McGraw-Hill Companies is a leading information services organization serving worldwide markets in education, business, industry, the professions and government. Founded in 1888, The McGraw-Hill Companies today provides information and analysis in multiple media through its rich portfolio of valuable brands. Sales in 1994 exceeded $2.7 billion.

CONTACT: Steven H. Weiss

The McGraw-Hill Companies

212-512-2247

or

Eileen Gabriele

The McGraw-Hill Companies

212-512-3852