Schools Matter: Murdoch Dumps Klein's Amplify: Stock Worth Minus 42 Cents Per Share

Schools Matter: Murdoch Dumps Klein's Amplify: Stock Worth Minus 42 Cents Per Share:

Murdoch Dumps Klein's Amplify: Stock Worth Minus 42 Cents Per Share

After Rupert hired NYC's former chancellor and education profiteer, Joel Klein, News Corps spent a billion dollars to promote Amplify's digital education solution, which amounts to cheap laptops loaded with an endless supply digital worksheets for schoolchildren of the poor.  

This week Murdoch fired Klein and sold what remains of a busted company, taking a beating in the process. That's what I call a serious feedback issue.

From the Sydney Morning Herald:

Max Mason
Published: October 1, 2015 - 4:02PM

News Corporation has sold its digital education play Amplify for an undisclosed sum after the loss-making business laid off 500 employees, or about 50 per cent of its workforce.

The sale was flagged at News Corp's financial results in August, where Amplify was the driving force behind the media conglomerate's $US149 million full-year loss, thanks to a $US371 million write-down in the digital education business.

News Corp said Amplify had been sold to a management team supported by a group of private investors.

Amplify was born from the purchase of Wireless Generation for around $US390 million in 2010.

News Corp originally bought Wireless Generation, expanded and relaunched the business as Amplify with the former chancellor of the New York City Department of Education, Joel Klein, as chief executive.

Larry Berger, the co-founder of Wireless Generation, who was president of Amplify Learning, will reportedly become chief executive of Amplify.

Mr Klein will remain on the board of News Corp.

Deutsche Bank estimated that Amplify would have made a $US117 million loss in earnings before interest, tax, depreciation Schools Matter: Murdoch Dumps Klein's Amplify: Stock Worth Minus 42 Cents Per Share: