(Reuters) - News Corp said it sold its digital education brand, Amplify, to a management team supported by a group of private investors following slowing growth in the digital curriculum market.
The company did not disclose financial terms of the deal.
News Corp said in August that it was reviewing strategic options for Amplify and that it was in the final phase of talks with a potential acquirer for the business.
Larry Berger, chief executive of Amplify Learning division, will lead the new company, according to an internal memo seen by Reuters.
Amplify also said there were job cuts but did not specify the number.
Reporting By Arathy S Nair in Bengaluru and Liana B. Baker in New York; Editing by Maju Samuel