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McGRAW-HILL FORMS STRATEGIC ALLIANCE WITH LIBERTY BROKERAGE, INC.; BUYS 25 PERCENT INTEREST IN INTERDEALER BROKER FOR GOVERNMENT SECURITIES

 NEW YORK, May 27 /PRNewswire/ -- McGraw-Hill, Inc. today announced that it has acquired approximately a 25 percent equity interest in Liberty Brokerage, Inc., for an undisclosed cash amount. As a result of its investment, McGraw-Hill becomes the largest single shareholder in Liberty Brokerage, with proportional representation on the board.
 Liberty Brokerage, a privately held company founded in 1986 by a majority of the primary government securities dealers, is one of the largest interdealer brokers for U.S. Treasury securities. Through a wholly-owned subsidiary, Market Vision Corp., Liberty Brokerage integrates real-time financial data on Treasury market securities with analytics, systems integration software and a wide range of applications for the international professional investment community.
 "With this strategic investment, McGraw-Hill moves a step closer to becoming the premier worldwide publisher of domestic fixed income securities prices and information for the government securities brokerage business, and to fulfilling our broader goal of being the leading supplier of value-added financial data to global markets -- in equities, currencies, commodities and fixed-income instruments," said Joseph L. Dionne, McGraw-Hill chairman and chief executive officer. He also noted that Liberty Brokerage's real-time brokerage pricing and systems integration software will enhance the activities of several McGraw-Hill financial services units.
 "We are delighted to join forces with McGraw-Hill, a leading global information services company with a dynamic product mix and marketing infrastructure," said Thomas Wendel, president and chief executive officer of Liberty Brokerage. "With such a strong, well-capitalized partner, we can broaden our presence as a diversified broker of quality international fixed-income securities and further develop Market Vision's real-time financial software applications technology."
 One of the prime beneficiaries of this combination will be J.J. Kenny Co., Inc., McGraw-Hill's municipal securities processing, evaluation and information services unit. Through the alliance with Liberty Brokerage, Kenny anticipates leveraging its already strong position in the municipal market, with product enhancements that will add value to the municipal securities and evaluations services it already makes available to the fixed-income securities investment community.
 Standard & Poor's Information Group, another McGraw-Hill unit, also is expected to benefit from both the Liberty Brokerage relationship and Market Vision's software expertise to produce and deliver its real-time information services. For example, MMS International's current analytical efforts in the U.S Treasury markets should be enhanced by the Liberty Brokerage relationship. MMS should also be in a position to develop and build new analytical services for other international fixed income markets as a result of this strategic alliance. MMS International is the premier provider of analysis, commentary and forecasts on the global fixed-income and currency markets to traders and money managers worldwide.
 McGraw-Hill, Inc. is one of the world's leading multimedia publishing and information services companies, serving markets in business, education, industry, the professions and government. Sales for 1992 were $2.05 billion.
 -0- 5/27/93
 /CONTACT: Donald S. Rubin for McGraw-Hill, 212-512-4321/
 (MHP)


CO: McGraw-Hill, Inc.; Liberty Brokerage, Inc. ST: New York IN: PUB SU:

LR -- NY027 -- 2833 05/27/93 09:59 EDT
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Date:May 27, 1993
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