Apollo-Owned College in Chile Faces Accreditation Woes

Universidad de Artes, Ciencias y Comunicación, which is based in Santiago, Chile, and owned by a subsidiary of Apollo Group, Inc., may lose its accreditation. The National Accreditation Commission of Chile informed the college last week that its accreditation would not be renewed, according to an Apollo Group statement to investors. The college is seeking clarification about the pending action, and expects to appeal the decision.

Apollo, the parent company of the University of Phoenix, purchased the arts and communication university for at least $40 million in 2008. It has underperformed since then, posting an operating loss of $13 million last year.