NEW YORK, NY--(MARKET WIRE)--Aug 29, 2008 -- Scholastic Corporation (SCHL - News) today announced that it closed the sale of its U.S. direct-to-home continuities business under its previously announced agreement with Sandvik AS. Sandvik AS is a Norway-based, family-owned company whose primary line of business is operating consumer-direct, age-appropriate children's book clubs, using email and the Internet to reach their target audience of parents with children up to age seven. The Scholastic facilities in Maumelle, AR and Danbury, CT were not included in the transaction.

The direct-to-home continuities business delivered multiple shipment orders of children's books and other products to customers in their homes over a period time until either the program ended or the customer chose to discontinue participation in the program.

Richard Robinson, Chairman, President and CEO of Scholastic, commented, "Having closed the sale of our U.S. continuities business, we can now fully focus on building relationships with our parent and child customers through our profitable School Book Clubs, Book Fairs and online businesses."

About Scholastic

Scholastic Corporation (SCHL - News) is the world's largest publisher and distributor of children's books and a leader in educational technology and children's media. Scholastic creates quality educational and entertaining materials and products for use in school and at home, including children's books, magazines, technology-based products, teacher materials, television programming, film, videos and toys. The Company distributes its products and services through a variety of channels, including proprietary school-based book clubs and school-based book fairs, retail stores, schools, libraries, television networks and the Company's Internet Site, www.scholastic.com.

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