Princeton Review Sells Its Test-Prep Business

Princeton Review is selling the test-prep business around which a larger education business has grown, and is giving the purchaser -- the private equity firm Charlesbank Capital Partners -- its name, the Associated Press reported. Princeton Review was once the upstart in the test-prep business, boasting of teaching test-takers how to outsmart testing companies, but of late has faced competition both from less expensive outfits and from boutique operations. The company will now focus on its Penn Foster division, a for-profit online education provider; it at one point seemed to be an effort to diversify the company's operations, but now appears to be its focus.