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Former NY Chancellor's New Job Proves Lucrative

Joel Klein, who was formerly earning $250,000 a year as chancellor of the 1.1 million-student New York school system, will earn $2 million a year in his new job at News Corp., according to a story on Bloomberg.com.

Klein, an executive vice president in the office of News Corp. Chairman Rupert Murdoch overseeing educational endeavors, received a $1 million signing bonus and be eligible for annual bonuses of at least $1.5 million. News Corp. counts the 20th Century Fox film company, Fox's numerous TV enterprises, The Wall Street Journal, the New York Post, and book publisher HarperCollins among its holdings.

News Corp.'s entry into the educational technology marketplace has raised interest among industry observers, according to my colleague Ian Quillen's December article in Education Week. Analysts see Klein's hire as a way to solidify the company's entry into this field, the story notes.

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