Media giant News Corporation will acquire 90 per cent stake in Brooklyn-based Wireless Generation, a privately-held education technology company for about $360 million in an all-cash deal.
“When it comes to K (kindergarten) through 12 education, we see a $500-billion sector in the U.S. alone,” News Corporation Chairman and CEO Rupert Murdoch said.
News Corporation has signed a definitive agreement towards the 90 per cent stake acquisition in Wireless Generation, while the remaining 10 per cent stake in the company would be collectively retained by its founder and CEO Larry Berger, President and COO Josh Reibel and Executive Vice-President and Chief Product Officer Laurence Holt.
Pursuant to the completion of the transaction, Wireless Generation would become a subsidiary of News Corporation and would be managed by Mr. Berger, Mr. Reibel, and Mr. Holt.
“We’re delighted to be joining a company that has a long history of growing entrepreneurial, innovative businesses,” Mr. Berger said.
Wireless Generation provides mobile and Web software, data systems and professional services that enable teachers to use data to assess student progress and deliver individualised instruction. The company currently has 400 employees.
News Corporation is a diversified global media company with operations in six industry segments: cable network programming, filmed entertainment, television, direct broadcast satellite television, publishing, and others.