• May 29, 2015, 4:42 PM
    • Scholastic (NASDAQ:SCHL) says it's closed the sale of its EdTech business unit to Houghton Mifflin Harcourt (NASDAQ:HMHC).
    • The deal -- for $575M in cash -- includes Scholastic's equity in the International Center for Leadership in Education and Tom Snyder Productions. The unit has drawn $175M in revenue in the first nine months of this fiscal year.
    • The company had expected net proceeds of $360M-$370M, to be used to invest in its core business of children's books and classroom publishing.
    May 29, 2015, 4:42 PM
  • Apr. 24, 2015, 6:50 AM
    • Scholastic (NASDAQ:SCHL) announces it will sell its Education Technology and Services business to Houghton Mifflin Hardcourt (NASDAQ:HMHC) for $575M.
    • The company expects net proceeds of $360M to $370M after transaction fees and taxes.
    • The transaction is expected to close in Q2.
    • Education Technology and Services took in $175M in revenue and $17M in operating income for the first nine months of the fiscal year which ends on May 31.
    • Scholastic intends to use some of the funds from the sale to invest in growth in children's book publishing, classroom materials, and its international business.
    Apr. 24, 2015, 6:50 AM