March 6, 2001 |
The buyout firm that acquired troubled Learning Co. from toy giant Mattel Inc. last year said Monday that the software maker is now in the black and will generate "material" profit in 2001. Gores Technology Group announced it would buy Learning Co. from Mattel five months ago as the unit was losing $1.5 million per day. Mattel bought Learning Co. in 1999 for $3.5 billion, but virtually gave the unit to Gores in exchange for a share of future profit after Learning Co.
September 30, 2000 |
Mattel Inc. executives announced Friday that they finally found a way to unload one of the worst purchases in American corporate history. But instead of selling the Learning Co. division, for which Mattel paid $3.5 billion a year ago, Mattel opted to give it away. During an early-morning call with investors and financial analysts, Mattel Chief Executive Robert Eckert said small Los Angeles-based investment firm Gores Technology Group will take software maker Learning Co.
September 29, 2000 |
Mattel Inc., anxious to unload its disastrous Learning Co. division even at a giveaway price, worked late into the night Thursday trying to make a deal with one of two small investment firms, according to sources. An announcement of a sale of Mattel's interactive division, which could come as early as today, is likely to include news of a major financial restructuring at the El Segundo-based toy company, sources said.
April 4, 2000 |
Mattel Inc. said Monday it is trying to sell its troubled Learning Co. operations, which a year ago cost the company $3.6 billion to acquire and two months ago cost its chief executive, Jill Barad, her job. The ailing maker of educational software could fetch as little as $200 million, only about 5% of what Mattel paid for the Bay Area company, and possibly less than what Learning Co. has lost since joining Mattel, one Wall Street analyst estimated.
November 11, 1999 |
The two top executives at Mattel Inc.'s Learning Co. unit have left their jobs less than a month after the world's largest toy maker said profit will suffer because of slow sales at the educational software unit. Mattel declined to elaborate on the departure of Learning Co. Chairman Michael Perik and President Kevin O'Leary. "We're not commenting beyond saying that they've left," said Mattel spokesman Glenn Bozarth.
November 3, 1999 |
Mattel Inc., trying to turn ailing software subsidiary the Learning Co. into an asset, is spinning off a majority stake in a genealogy Web site that is among the subsidiary's successful ventures. Genealogy.com also will receive $37.5 million in initial funding from Mattel and partners Hearst Corp., A&E Television Networks, Thomas H. Lee Partners and Weston Presidio Capital. El Segundo-based Mattel will keep a minority stake of undisclosed size in the business.