U. of Phoenix Sells $70-Million Worth of Stock in Its Distance-Education Efforts

The company that owns the University of Phoenix raised $70-million from investors on Wall Street last month in a stock offering tied directly to the company's distance-education unit.

The deal is being widely watched in education and finance circles because it is the first market test of a public offering of stock in a distance-learning institution.

The parent company, the Apollo Group, raised the money by issuing five million shares of a so-called