Graham Holdings, the former head office of The Washington Post, sold a university owned by him in South Florida to Purdue University in Indiana for a symbolic dollar amount, a specialist report said today.
Bizjournals.com said Kaplan University, based in Fort Lauderdale, north of Miami, will now be operated by Purdue University, a non-profit organization.
Donald Graham, president of Graham Holdings Co., based in Arlington, Va., Said the thirty-year contract will expand access to higher education for working adults.
However, the foundation will have the option of purchasing the school in six years.
Graham will also receive a portion of the revenue generated by the new operation, but the amount is still undetermined as it depends on how the new mode of operation works.
“It would have taken Purdue years to build the kind of functionality of Kaplan’s university system,” said Pinkie Mayfield, Vice President Graham Holdings.
Kaplan Higher Education generated $ 617 million in revenue in 2016, making it a large part of Graham’s overall revenue of $ 2.5 billion last year.