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Scholastic Corporation (SCHL)

  • Fri, May 29, 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.
    | Fri, May 29, 4:42 PM | Comment!
  • Fri, Apr. 24, 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.
    | Fri, Apr. 24, 6:50 AM | Comment!
Company Description
Scholastic Corp is a children's publishing, education and media company. The Company also provides educational technology products, related services and children's media.
Sector: Services
Country: United States