Oracle Exec, Milken Plan New Firm

Former junk bond king Michael Milken and Oracle Systems Corp. Chairman Larry Ellison said Wednesday they are forming a new company that will use advances in technology and entertainment to improve education.

Possible projects for Educational Technologies could include the development of networked computer stations and education software to run on them, Milken said.

“This is a passion with me. Shortly after I came out of prison camp I gave a speech on it, and the only op-ed I’ve written was on education and technology married for learning,” Milken said.

Milken and Ellison also announced that they have jointly purchased shares in toy and games manufacturer Hasbro Inc. Milken described the investment as “significant” but less than 5%. (The New York Times reported in Thursday’s editions that the SEC is investigating the investment that Milken and Ellison made in Hasbro.)

The two longtime friends believe some of Hasbro’s products can be developed in a high-tech educational format. The company’s portfolio includes Milton Bradley and Parker Bros. board games as well as the Playskool toy line.

“Our interest in Hasbro stems from our mutual belief that the company owns valuable icons and shares our belief in the future of educational technology,” Ellison said in a statement.

Oracle Systems, based in Redwood City, Calif., develops and markets computer software products for database management and network communications, among other things. Ellison is the company’s chairman, president and chief executive.