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College Board goes digital – Group launches for-profit arm

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The 100-year-old College Board is moving ahead with plans to launch an online venture to serve student and parents making the transition from high school to college.

The nonprofit group, which last fall created collegeboard.com, has named a prominent corporate executive as its chief executive officer – and completed $15 million in its initial equity financing.

The venture plans to launch its site this year. The company also will support collegeboard.org, the College Board’s original site, in serving education professionals.

As its CEO, collegeboard.com named Willard C. Korn, former CEO of Westinghouse Broadcasting Group.

After Westinghouse’s merger with CBA, Korn served as CEO of the CBS television and r adio grop, and headed the company’s strategic planning and new media.

The College Board is the majority investor in collegeboard.com.

The equity financing was led by J.H. Whitney & Co., which was joined in the financing by Chase Capital Partners and Venrock Associates, the venture capital arm of the Rockefeller family.

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