News Corp. slashes 500 jobs at Amplify upon sale

AP News
Posted: Sep 30, 2015 6:38 PM

LOS ANGELES (AP) — News Corp. says it has laid off about 500 of the 900 employees at its money-losing Amplify educational unit and sold it to Amplify managers and private investors for an undisclosed amount.

The move comes after the publishing company booked a $371 million write-off on the Amplify business, which sought to sell tablets to schools and develop a digital curriculum. The business lost $93 million in the year through June on $109 million in revenue.

Joel Klein, the former New York City school chancellor who led the education business at News Corp., is to remain a director at News Corp. and Amplify. Amplify executive Larry Berger replaces him as CEO.

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Amplify will now focus on curriculum and assessment after it stopped selling tablets earlier this year.