Reader's Digest Sells Digital Learning Co. For $32M

Law360, New York (January 15, 2010, 4:13 PM EST) -- The Reader's Digest Association Inc. has won court approval of a $31.8 million sale of subsidiary CompassLearning Inc., a seller of digital classroom aids and other education technology that did not fit with the bankrupt magazine publisher's regrowth strategy.

Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York on Thursday approved the sale of substantially all of CompassLearning to an acquisition firm controlled by private investment firm Marlin Equity Partners.

The buyer, the aptly named CompassLearning Acquisition Corp., first...
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