McGraw Hill now makes the bulk of its profits from the rating agency Standard & Poor. Maybe book publishing is about to become a rust belt industry. But I think reports of its death are overstated. Everybody enjoys a moment of mourning (NY Times yesterday article: "Declining sales cast gloom at an expo") but e-books are still a tiny percentage of book sales - $100 million out $25 billion.
The e-books side of things is exciting and seductive, but I'm thinking it will happen more slowly than the fears of the last few days.