What's the probability: Apollo to Spin Off University of Phoenix?
5 replies (most recent on top)
A "billion dollar failed IT investment" - what are you referring to?
Apollo Global is a train wreck.... They would have done better by taking a couple of billion dollars to vegas for the weekend...
UOP is now a damaged product and it needs to go to other investors willing to buy an underwater company. Problem is, Apollo is protected from any hostile (ie:external) takeover because it has two classes of stock. The speculative stuff that anyone can buy to lose money on and the preferred shares that can vote and that are closely held by the Sperling family. So, one could buy up all of Apollo's worthless common stock and still not have a single vote in how the business operates.
As to Apollo Global... This is like their third or fourth set of execs and direction. Even worse, the crap they overpay for will never make up the revenue they are losing from UOP.
Meanwhile, Apollo has had to dump a bunch of their misguided purchases and a billion dollar failed IT investment and the $75M Carnegie adaptive learning debacle and that stupid Insight Schools online high school for $15M plus another $14M in 'Good Will' that ended up selling to competitor Kaplin for next to nothing.
Spin off down the toilet.
Only is they wanted to give up the majority of their income.