Discovery to shed education business for $120M as it prepares to leave Silver Spring
Silver Spring-based Discovery Communications announced Monday it will sell majority stake in Discovery Education Inc. to a California private equity firm for $120 million.
Under the deal, Francisco Partners will own Discovery Education while Discovery Communications (NASDAQ: DISCA) retains a minority equity interest. The company will be led by current Discovery Education President and Chief Executive Bill Goodwyn, and will be operated as a standalone business.
The sale continues Discovery’s effort to focus its business on its core strength, digital communications. It is that focus, and its $14.6 billion acquisition of Scripps Networks Interactive Inc., that is driving Discovery to leave Silver Spring and its 545,420-square-foot headquarters there next year for a new home in New York City. Discovery currently employs about 1,300 in Montgomery County alone.
“This transaction allows Discovery to focus on driving value and growth across our core media businesses, while maintaining our strong commitment…
Read the full story from the Washington Business Journal.The post Discovery to shed education business for $120M as it prepares to leave Silver Spring appeared first on WTOP.
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