News Corp has sold its Amplify Insight and Learning businesses to a management team supported by a group of private investors. Financial terms of the transaction were not disclosed.
As a result of the sale, beginning in first quarter of fiscal 2016, News Corp will reflect the results of its digital education segment as discontinued operations.
“We are extremely proud of the crucial work that the Amplify team has done to create a digital platform for the future. It is tragic that so many children are digitally literate but functionally illiterate, and it has been the cherished vision of all at Amplify to ensure that students, regardless of their background, have access to a contemporary curriculum delivered on a contemporary platform,” said Robert Thomson (pictured), chief executive of News Corp.