Education publisher Pearson has reported a return to profit for the first time in six years.
Presenting the company’s annual financial results last week, CEO John Fallon said that the U.S. higher education business had stabilized after a difficult few years.
The company lost 2.6 billion pounds ($3.63 billion) last year, midway through its rocky transformation from print to digital. Fallon said that he was rebuilding the business for the “Spotify generation who want to rent, not own.” The company has recently focused efforts on rental programs, ebooks and digital courseware.
In further plans to streamline the business, Fallon announced that the company would be selling its K-12 business, which has reportedly been slow to adapt to digital. Pearson is in talks with potential buyers.