New York, NY — September 28, 2010 — Scholastic Corporation (Nasdaq: SCHL), the global children’s publishing, education and media company, announced today that it has commenced a modified “Dutch Auction” tender offer to purchase up to $150 million of its common stock at a price not less than $27.00 per share or more than $31.00 per share. The number of shares proposed to be purchased in the tender offer (at the minimum purchase price of $27.00 per share) represents approximately 16.17% of Scholastic’s currently outstanding common shares.