U. of Phoenix Parent Company Considers Sale

The Apollo Education Group, parent company of the University of Phoenix, announced on Monday that the for-profit giant is exploring "strategic alternatives" that could "potentially lead to a change of control of the [c]ompany."

In a separate news release, Apollo reported that its net revenue for the first quarter of its 2016 fiscal year was $586 million, compared with $714.5 million for the first quarter of 2015.

"Apollo is taking the necessary steps to enhance long-term shareholder value through a series of strategic actions which include transforming University of Phoenix into a higher retaining, more trusted provider of career relevant higher education, continued expansion of our international network, and a commitment to efficiency," said Greg Cappelli, the group's chief executive officer.

Enrollment at the University of Phoenix has plummeted in recent years, prompting the university to eliminate degree programs and establish admissions criteria last year.

 

Related Links

Apollo Education Group News Release

http://phx.corporate-ir.net/phoenix.zhtml?c=79624&p=irol-newsArticle&ID=2128025

Apollo Education Group News Release

http://phx.corporate-ir.net/phoenix.zhtml?c=79624&p=irol-newsArticle&ID=2128034