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News Corp. Sells Amplify Education Unit to Management Team

  • Sale announcement follows firings totaling 40% of staff
  • Joel Klein to step down as CEO, remain as board member
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News Corp. sold its Amplify Inc. digital-education unit to a management team backed by private investors, marking the company’s exit from the five-year-old initiative.

Terms weren’t disclosed and the business will be classified as discontinued, New York-based News Corp. said Wednesday in a statement. Amplify Chief Executive Officer Joel Klein, who participated in the buyout, will step down from that role while remaining a board member, according to a separate memo from the company’s new chief, Larry Berger. Berger had presided over the company’s push to create a digital curriculum.