Also. . .

Cambridge, Mass.-based Learning Co. said it acquired Creative Wonders from Burbank-based Walt Disney Co. in a deal valued at $40 million. Creative Wonders is a publisher of educational software titles in such lines as Sesame Street, Madeline, School House Rock and Slam Dunk Typing. The company is expected to operate as a separate division of Learning Co. . . . Burbank-based Highland Federal Bank said shareholders approved the reorganization of the bank into a holding company, which will be called Highland Bancorp Inc. . . . Los Angeles-based Transamerica Life Cos. named Paul Rutledge III president of its Charlotte, N.C.-based reinsurance division.