CUC INTERNATIONAL INC. COMPLETES ACQUISITION OF KNOWLEDGE ADVENTURE.Stamford, Conn.--(BUSINESS WIRE)--Feb. 3, 1997--CUC International Inc. (NYSE NYSE See: New York Stock Exchange :CU) announced today that it has completed its previously announced acquisition of Knowledge Adventure, Inc Adventure Inc. is a television show. It ran from September 30, 2002 to May 12, 2003. External links . a privately held, leading educational software publisher which is best known for its JumpStart learning series. Under the terms of the transaction, CUC CUC Cuban Convertible Peso (ISO currency code) CUC Columbia Union College (Takoma Park, MD, USA) CUC Canadian Unitarian Council CUC Canadian Ultimate Championships has issued 3,461,551 shares of its common stock. The acquisition is valued at $86.1 million based on CUC's closing stock price of $24 7/8 on January 31, 1997. The acquisition is being accounted for as a "pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. ". Knowledge Adventure is now a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CUC International CUC (Comp-U-Card) International Inc., a huge membership-based consumer services conglomerate with travel, shopping, auto, dining, home improvement and financial services offered to more than 60 million customers worldwide based out of Stamford, Connecticut and headed by Kirk and is part of the CUC Software division, which includes Davidson, Blizzard Entertainment, and Sierra On-Line. Larry Gross will continue to serve as chief executive officer of Knowledge Adventure. In addition, Bill Gross, founder and chairman of Knowledge Adventure, will act as an advisor to the company. Knowledge Adventure will remain based in Glendale, California. Chris McLeod, chief executive officer of CUC Software, said, "The addition of Knowledge Adventure's strong titles and franchise to our existing educational software business will enable us to capitalize on many opportunities in the fast-growing and consolidating software industry. With the popularity and breadth of our educational series - Blaster, Fisher Price, and now JumpStart - combined with the advantages of our strong distribution channels, we believe CUC Software will remain a leader in this exciting business." Larry Gross commented, "We are excited to be a part of CUC Software as the complementary aspects of CUC's educational series with our JumpStart programs will provide us with the market share needed in today's increasingly competitive environment." CUC International Inc. is a leading technology-driven, membership-based consumer services company that provides more than 63.8 million consumers worldwide with access to home shopping, travel, insurance, automobile, dining, home improvement, lifestyle clubs, checking account enhancement, and discount coupon programs. The Company also provides educational and entertainment interactive media products. CONTACT: Laura P. Hamilton Vice President, Investor Relations Investor relations The process by which the corporation communicates with its investors. 203/965-5114 |
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