After roughly a month of discussions, News Corporation has sold its education business Amplify to a group of private investors.
According to Bloomberg, the deal was preceded by a mass firing. About 500 Amplify staffers were cut, or roughly 40 percent of its workforce. “In order to focus our resources and attention, we had to let some of our colleagues go,” wrote Amplify’s new CEO Larry Berger, in a memo.
For the past five years, News Corp. tried unsuccessfully to get Amplify to take off. The skies darkened considerably when News Corp.’s last earnings report showed Amplify accounted for an impairment charge of $371 million.