CUC International Inc. Completes Acquisition Of Knowledge
Adventure
Stamford, Conn.--(BUSINESS WIRE)--Feb. 3, 1997--CUC International Inc. (NYSE:CU) announced today that it has
completed its previously announced acquisition of Knowledge Adventure, Inc. a privately held, leading educational software
publisher which is best known for its JumpStart learning series.
Under the terms of the transaction, CUC 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".
Knowledge Adventure is now a wholly owned subsidiary of CUC International 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. |
