Princeton Review Sells Community College Program
Framingham's The Princeton Review has sold its community college partnership division for $4 million to an education startup founded by the company's former CEO, Michael Perik.
The Princeton Review founded the Community College Partnership in March of last year to encourage "hybrid learning opportunities" with various community colleges around the country.
The Princeton Review sold the division to Higher Education Partners LLC, which was founded by Perik, who left The Princeton Review in March. John Connolly is the company's interim president and CEO. Princeton said it is focusing on its core assets.
As part of the terms of the sale - which must be approved by some third-parties - The Princeton Review's Penn Foster division will continue to license some of its educational content to Community College Partnership through 2013.
Last year, the company's revenues rose almost 50 percent to $124.4 million, but losses more than doubled to $50.4 million.
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