McGraw-Hill has a market cap of $12.4 billion and an EV of $12.3 billion. The McGraw-Hill Companies (NYSE:MHP – News) today announced that its Board of Directors has authorized a new stock repurchase program for up to 50 million shares, or approximately 17% of the Company’s outstanding shares. “Our Board is sharply focused on appropriately allocating capital to increase shareholder value,” said Harold McGraw III, chairman, president and CEO. “The Company’s strong cash flow positions us to return substantial capital to shareholders while continuing to invest in our high-growth global brands and businesses. We have returned over $10 billion to shareholders since 1996 through a combination of increased dividend payments and share repurchases.” The new share repurchase authorization follows a 45 million share repurchase authorization commenced in January 2007. Thus far in 2011, McGraw-Hill has repurchased approximately 7.7 million shares under the 2007 authorization, leaving approximately 700,000 shares remaining. The share repurchases authorized today will be made from time to time in the open market subject to market conditions or through privately negotiated transactions as permitted by securities laws and other legal considerations. The Board may modify, suspend, extend or terminate the program at any time.