News Corp To Acquire 90% Of Wireless Generation For $360M In Cash

"News Corp. (NASDAQ:NWSA) announced that it signed an agreement to acquire 90% of Wireless Generation for about $360 million in cash.

Wireless Generation will become a subsidiary of the company upon completion of the transaction and will be managed by founder and CEO Larry Berger, President and COO Josh Reibel and Executive Vice President and Chief Product Officer Laurence Holt.

News Corporation Chairman and CEO, Rupert Murdoch said, ""When it comes to K through 12 education, we see a $500 billion sector in the U.S. alone that is waiting desperately to be transformed by big breakthroughs that extend the reach of great teaching, Wireless Generation is at the forefront of individualized, technology-based learning that is poised to revolutionize public education for a new generation of students.""

News Corp has a potential upside of 24% based on a current price of $14.21 and an average consensus analyst price target of $17.62."

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