PHOENIX — The parent company of the for-profit University of Phoenix system announced this week that it was actively discussing a potential sale.
Various news outlets began reporting as early as Monday that Phoenix-based Apollo Education Group was likely to be put up for sale.
“The Board is currently in discussions that could potentially lead to a change of control of the company,” Apollo Education said in a statement.
The University of Phoenix has been facing big drops in enrollment and federal inquiries into business practices. The Department of Defense placed the school on probation in October, barring employees from visiting military bases to recruit prospective students.
CNBC reported that Apollo’s estimated value was $714 million, although stocks jumped after the announcement.
“University of Phoenix is going through a transition, but we’re building a stronger foundation for future success,” Apollo CEO Greg Cappelli said last year.
“We’re working to build a much more competitive and efficient university for the long-term.”
CBS News said Apollo admitted that new degree enrollment at the University of Phoenix had declined by 38 percent to 176,900 for the quarter ending Nov. 30.