News Corp. has announced in a press release that it has successfully completed the sale of its Amplify Insight and Learning businesses to a management team supported by a group of private investors.
The sale marks the company's exit from its heavily invested five-year-old initiative.
Amplify, which was founded in 2011, is a leading provider of educational analytics and assessments, according to the press release.
It has supported more than 200,000 educators and three million students in all 50 states.
Amplify empowers teachers to provide a more personalized instruction to students to help them become more active and engaged learners, according to the press release.
The digital curriculum targets K-12 reading, math, and science.
Robert Thomson, CEO of News Corp., said in the press release that they are proud of the work that the team in Amplify has done for the creation of a "digital platform for the future."
"There is no doubt that the foundations laid by the creative team at Amplify will be profoundly influential in coming years as both curriculum and classroom evolve," he said. "All who have been involved in the Amplify business at News Corp should be conscious of their contribution to education in the US and beyond."
Bloomberg adds that News Corp. has invested $1 billion in the digital education project, believing that the education business is an engine for growth.
Results though have been disappointing and Amplify said in June that it would stop selling its tablet.
Bloomberg adds that News Corp. has reported a fiscal fourth-quarter net loss in August after writing down $371 million in its investment in Amplify.
The unit makes up about 1 percent of the company's revenue.
News Corp. said in the press release that at the beginning of the first quarter of fiscal 2016, they will reflect the results of its Digital Education segment as a discontinued operation, as a result of the sale.
The company didn't disclose the terms of the transaction.
