Mergers and Acquistions News
Categories: Media & Information Services
November 25th 2010, 9:11AM
News Corp will purchase a majority stake in a US education technology firm, it has been reported.
The media giant will acquire 90 per cent of Wireless Generation, a Brooklyn-headquartered provider of teaching tools, systems and services, for approximately $360 million (£227 million) in cash, Reuters said.
News Corp intends to bolster its presence in the education tech sector.
Wireless Generation will become a unit of News Corp and will be managed by its executives. Larry Berger, its founder and chief executive officer (CEO), will hold on to the remaining ten per cent stake, the news provider said.
"When it comes to K through 12 education [primary and secondary education in the US], we see a $500 billion sector in the US alone...," News Corp CEO Rupert Murdoch was quoted by the news provider as saying in a statement.
Wireless Generation's products are geared around enabling teachers to monitor student attainment via mobile and web data services.
Shares of News Corp closed at $14.21 on the Nasdaq stock exchange on Monday, the news agency said.
Harry Henry, of Outsell, an information industry analyst, told the Financial Times that currently, while only 15 per cent of the $28 billion revenue the US education information market garners annually is made up from digital sources, things are about to change.
"There's a tipping point coming. We just don’t know when," he told the newspaper.
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