Reader's Digest $31.8 million CompassLearning business sale approved

By Caroline Salls

Pittsburgh, Jan. 14 - Reader's Digest Association, Inc. received court approval of the $31.8 million sale of its CompassLearning Inc. business to Marlin Equity II, LP affiliate CompassLearning Acquisition Corp., according to a Thursday filing with U.S. Bankruptcy Court for the Southern District of New York.

CompassLearning is a wholly owned subsidiary of WRC Media, Inc., which is wholly owned by Reader's Digest.

In addition to the purchase price, the stalking horse bidder has agreed to assume liabilities of the business.

Reader's Digest, a Pleasantville, N.Y., publishing company, filed for bankruptcy on Aug. 24. Its Chapter 11 case number is 09-23529.

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