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Arizona State University is creating a for-profit spin-off that will seek to attract large employer partners for its online education programs, according to a report in The Chronicle of Higher Education. The new venture is aimed at corporations that will subsidize online programs for their employees, as Starbucks does through its deal with the university. ASU also may seek university partners for the venture.
The Chronicle reported that a private equity fund will be the spin-off's majority owner. That fund was led until recently by Bill McGlashan, who was arrested last week as part of the U.S. Department of Justice's high-profile "Varsity Blues" admissions dragnet.
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