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Scholastic Announces Sale of Direct-To-Home Continuities Business

New York — August 7, 2008 — Scholastic Corporation (NASDAQ: SCHL) today announced that it has entered into a definitive agreement with Sandvik AS to purchase its U.S. direct-to-home continuities business. Sandvik AS is a Norway-based, family-owned company whose primary line of business is operating consumer-direct, age-appropriate children’s book clubs, using email and the Internet to reach their target audience of parents with children up to age seven. Scholastic expects to close the sale in the first quarter of fiscal year 2009.

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