Graham Holdings Co. announced this morning in a filing with the SEC that it plans to sell its for-profit Kaplan University to a new non-profit public-benefit corporation called New University that is affiliated with Indiana’s Purdue University, a state institution. Purdue confirmed the deal in a press release quoting its president, Mitch Daniels, the former governor of Indiana.
The press release describes the assets that Purdue will acquire as including Kaplan’s “15 campuses and learning centers, 32,000 students, 3,000 employees, and decades of experience in distance education.” But the release adds that the new entity “will operate almost exclusively online.”
Under the agreement, Graham Holdings says, ...
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