News Corp. (NWS) snapped up a 90% stake in educational software and services company Wireless Generation for $360 million in cash, giving it an entry into the educational industry.
Wireless Generation combines software, data systems and services designed to assess a student's progress and provide individualized curriculum based on their current needs. Wireless Generation will operate as one of News Corp.'s many subsidiaries.
"When it comes to K through 12 education, we see a $500 billion sector in the U.S. alone that is waiting desperately to be transformed by big breakthroughs that extend the reach of great teaching," said News Corp. CEO Rupert Murdoch in a statement.
News Corp. Buys Wireless Generation in an Education Play