UPDATE 1-News Corp to buy education tech co for $360 mln
* To own 90 pct of Wireless Generation
* Wireless Generation to become unit of New Corp
Nov 23 (Reuters) - News Corp said it will acquire 90 percent of Wireless Generation, a privately-held Brooklyn-based education technology firm, for about $360 million in cash to expand its presence into the education technology sector.
The company said that on completion of the deal, Wireless Generation will become a unit of News Corp and will be managed by the target company's executives, including founder and CEO Larry Berger, who will retain a 10 percent interest.
"When it comes to K through 12 education, we see a $500 billion sector in the U.S. alone...," News Corp CEO Rupert Murdoch said in a statement.
Established in 2000, Wireless Generation offers mobile and web software, data systems and professional services that allow teachers to use data to assess student progress and deliver individualized instruction.
News Corp is home to Fox broadcast and cable networks, Twentieth Century Fox movie studio, and newspapers such as The Wall Street Journal.
Shares of News Corp closed at $14.21 on the Nasdaq stock exchange on Monday. ($1=.6267 Pound) (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Dhara Ranasinghe) (email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org))
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