News Corp said it will acquire 90% of Wireless Generation, a privately-held Brooklyn-based education technology firm, for about $360 million in cash to expand its presence into the education technology sector.
The company said, on completion of the deal, Wireless Generation will become a unit of News Corp and will be managed by the target company’s executives, including founder and CEO Larry Berger, who will retain a 10% interest.
“When it comes to K through 12 education, we see a $500 billion sector in the US alone…,” News Corp CEO Rupert Murdoch said in a statement.
Established in 2000, Wireless Generation offers mobile and web software, data systems and professional services that allow teachers to use data to assess student progress and deliver individualized instruction.
News Corp is home to Fox broadcast and cable networks, Twentieth Century Fox movie studio, and newspapers such as The Wall Street Journal.
Shares of News Corp closed at $14.21 on the Nasdaq stock exchange on Monday.