NewsCorp To Invest In "Entrepreneurial" Education Initiatives

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After much controversy, former Hearst Magazine Chairwoman Cathie Black has taken her place as head of the city’s schools, and former Chancellor Joel Klein is getting ready to start his new job at News Corp.

Black, the first woman to head the New York City School system, started on Monday visiting classrooms and defending her qualifications to run the nation’s largest school system.  And NewsCorp’s move to put in Klein signals their investment into education.


Rupert Murdoch, CEO of Newscorp, said in a news release that education “has long been in need of innovation.”  News Corporation announced Klein’s hiring shortly after it was reported that he was stepping down from the public school system. 
A source tells the New York Times, Mr. Klein will be charged withpursuing ‘entrepreneurial ventures’ that cater to the educational marketplace in which News Corporation could make seed investments.”  Details in regard to this program have not yet emerged.  

However, it seems that Rupert Murdoch has focused much of his philanthropic efforts on education.  He’s invested in Teach For America and charter schools in Harlem.
In his speech Mr. Murdoch said, “as the CEO of a global corporation, I believe the failure rates of our public schools represent a tragic waste of human capital that is making America less competitive.”

Reports are coming in that Klein could make $4.5 million at his new job, as opposed to $250,000 a year as Chancellor. However, most of that is bonuses; and he’ll be earning $2 million/year in base salary.

It’s a much more generous salary than the $250,000 a year Klein was making as a public school chancellor when he had a $22 billion operating budget and responsibility for more than one million students. He’s now concerned with growing education initiatives for News Corp and it’s Cathie Black’s turn to educate.

Amongst controversy Bloomberg has defended Black as a superstar manager.  She’s taking on a system of 1.1 million students and according to the NYTIMES nearly 1,700 schools suffering from declining performance test scores and devastating budget cuts.
“For me, this is a dream. It’s a dream job, a dream opportunity, a chance to make a difference,” Black said at Public School 262 in Brooklyn’s Bedford-Stuyvesant neighborhood, the first stop on her tour

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