Document:

<PAGE>
                                                                     EXHIBIT 4.7

                                                                  Execution Copy

                       PREFERRED STOCK PURCHASE AGREEMENT

                                     BETWEEN
                                 WRC MEDIA INC.
                                 EAC III L.L.C.
                            AND SGC PARTNERS II LLC

                            DATED AS OF MAY 9, 2001

<PAGE>

<TABLE>
<CAPTION>
                               TABLE OF CONTENTS

                                                                                           PAGE
<S>                 <C>                                                                    <C>
ARTICLE I.

PURCHASE AND SALE ...........................................................................2
   Section 1.1.   Issuance of Junior Preferred Stock by the Company .........................2
   Section 1.2.   The Closing ...............................................................2

ARTICLE II.

REPRESENTATIONS AND WARRANTIES OF THE COMPANY ...............................................2
   Section 2.1.   Corporate Existence and Power .............................................2
   Section 2.2.   Corporate Authorization ...................................................3
   Section 2.3.   Governmental Authorization ................................................3
   Section 2.4.   Noncontravention ..........................................................3
   Section 2.5.   Capitalization and Voting Rights of the Company ...........................3
   Section 2.6.   Valid Issuance of Securities ..............................................4
   Section 2.7.   Litigation ................................................................4
   Section 2.8.   Compliance with Laws ......................................................4
   Section 2.9.   Transactions with Affiliates ..............................................4
   Section 2.10.  Brokers ...................................................................5
   Section 2.11.  Ripplewood ................................................................5

ARTICLE III.

REPRESENTATIONS AND WARRANTIES OF PURCHASERS ................................................5
   Section 3.1.   Existence and Power .......................................................5
   Section 3.2.   Authorization .............................................................5
   Section 3.3.   Governmental Authorization ................................................5
   Section 3.4.   Purchase for Investment ...................................................5
   Section 3.5.   Private Placement .........................................................5
   Section 3.6.   Litigation ................................................................6
   Section 3.7.   EAC III Representations and Warranties ....................................6

ARTICLE IV.

CLOSING CONDITIONS ..........................................................................6
   Section 4.1.   Closing Conditions ........................................................6
   Section 4.1.1. Representations and Warranties True; Compliance ...........................6
   Section 4.1.2. Certificate ...............................................................6
   Section 4.1.3. Organic Documents .........................................................7
   Section 4.1.4. Purchase Permitted by Applicable Laws .....................................7
   Section 4.1.5. No Litigation .............................................................7
   Section 4.1.6. Closing of Transaction ....................................................7
   Section 4.1.7. SBIC Sideletter ...........................................................7
   Section 4.1.8. Fees and Expenses .........................................................7

</TABLE>

<PAGE>

<TABLE>
<S>               <C>                                                                       <C>

   Section 4.1.9. Delivery of Purchase Price by the Purchasers ...............................7
   Section 4.2.   Retained Funds .............................................................7

ARTICLE V.

INTERPRETATION OF THIS AGREEMENT .............................................................8
   Section 5.1.   Terms Defined ..............................................................8
   Section 5.2.   Directly or Indirectly .....................................................9
   Section 5.3.   Section Headings and Table of Contents and Construction ....................9
   Section 5.4.   Governing Law ..............................................................9

ARTICLE VI.

MISCELLANEOUS ...............................................................................10
   Section 6.1.   Notices ...................................................................10
   Section 6.2.   Reproduction of Documents .................................................11
   Section 6.3.   Survival ..................................................................11
   Section 6.4.   Successors and Assigns ....................................................11
   Section 6.5.   Amendment and Waiver ......................................................12
   Section 6.6.   Expenses ..................................................................12
   Section 6.7.   Waiver of Jury Trial; Consent to Jurisdiction; Etc ........................12
   Section 6.8.   Indemnification ...........................................................13
   Section 6.9.   Entire Agreement ..........................................................14
   Section 6.10.  Execution in Counterpart ..................................................14
</TABLE>

<PAGE>

         PREFERRED STOCK PURCHASE AGREEMENT, dated as of May 9, 2001 (this
"Agreement"), by and among WRC Media Inc., a Delaware corporation (together with
its successors and permitted assigns, the "Company"), EAC III L.L.C., a Delaware
limited liability company (together with its successors and permitted assigns,
"EAC III"), and SGC Partners II LLC, a Delaware limited liability company
(together with its successors and permitted assigns, "SGC" and, together with
EAC III, the "Purchasers").

                                          INTRODUCTION

         The Company will acquire all of the outstanding equity of and invest in
ChildU, Inc., a Florida corporation ("ChildU"), on the terms and conditions set
forth in the Agreement and Plan of Merger, dated as of May 9, 2001, among the
Company, CU Acquisition Inc., a Florida corporation, and ChildU (the "ChildU
Acquisition Agreement"), pursuant to which the Company shall (a) commit to make
up to $8.25 million in investments in ChildU to fund ChildU's obligations, which
investments could take the form of either loans or capital contributions; (b)
exchange 162,500 shares of the Company's Common Stock for notes of ChildU
currently held by a group of affiliated investors with an aggregate principal
amount of $5.5 million and with approximately $1.6 million in accrued interest;
and (c) commit to make up to $15 million in contingent payments, in the form of
the Company's Common Stock, to ChildU's shareholders upon ChildU's achievement
of certain revenue goals in fiscal year 2001 in exchange for the acquisition of
all of the outstanding equity of ChildU (the "ChildU Acquisition").

         The Company intends to purchase from ThinkBox Inc., a Delaware
 corporation ("ThinkBox"), for up to $2.5 million in cash, (a) up to 33% of the
 shares of the issued and outstanding capital stock of ThinkBox and (b) an
 option to purchase the remaining portion of ThinkBox's outstanding capital
 stock for between $5 and $15 million, dependent upon whether ThinkBox achieves
 certain revenue goals, in exchange for the Company's Common Stock (the
 maintenance of which option will require the Company to make monthly cash
 payments of approximately $357,000 to ThinkBox in exchange for ThinkBox stock)
 (the "ThinkBox Acquisition" and, together with the ChildU Acquisition, the
 "Acquisitions") on the terms and conditions as set forth in the Series C
 Preferred Stock Purchase Agreement, which, if executed, would be executed in
 May 2001, between ThinkBox and the Company (the "ThinkBox Acquisition
 Agreement" and, together with the ChildU Acquisition Agreement, the
 "Acquisition Agreements").

         To finance, in part, the payment of the consideration payable in the
Acquisitions, the Company intends to issue shares of Junior Participating
Cumulative Convertible Preferred Stock, par value $0.01 per share having the
terms, rights and designations set forth in the Certificate of Designations,
Preferences and Rights of Junior Participating Cumulative Convertible Preferred
Stock (the "Certificate of Designations"), attached as Exhibit A hereto, to be
filed with the Secretary of State of the State of Delaware (the "Junior
Preferred Stock"), to the Purchasers. The remaining portion of the consideration
payable in the Acquisitions will be in the form of the Company's Common Stock.

         The Company desires to issue and sell the Junior Preferred Stock to the
Purchasers, and the Purchasers desire to purchase the Junior Preferred Stock
from the Company, upon the terms and subject to the conditions hereinafter set
forth in this Agreement.

<PAGE>

                                                                               2

         The parties hereto agree as follows:

                                   ARTICLE I.

                                PURCHASE AND SALE

         Section 1.1. Issuance of Junior Preferred Stock by the Company. The
Company has authorized the issuance of an aggregate of 254,623 shares of Junior
Preferred Stock to EAC III (the "EAC III Shares") and an aggregate of 89,127
shares of Junior Preferred Stock to SGC (the "SGC Shares" and, together with the
EAC III Shares, the "Shares"). The Shares shall be issued pursuant to the
Charter and to the Certificate of Designations, and shall have the terms
provided therein and under applicable law.

         Section 1.2. The Closing.

         (a) Purchase and Sale of Junior Preferred Stock. On the terms and
subject to the conditions of this Agreement, at the Closing, the Company agrees
to issue and sell (i) to EAC III, and EAC III agrees to purchase from the
Company, in accordance with the provisions hereof, the EAC III Shares at an
aggregate purchase price of $10,184,920 (the "EAC III Purchase Price") and (ii)
to SGC, and SGC agrees to purchase from the Company, in accordance with the
provisions hereof, the SGC Shares at an aggregate purchase price of $3,565,080
(the "SGC Purchase Price" and, together with the EAC III Purchase Price, the
"Purchase Price").

         (b) The Closing. The closing (the "Closing") of the sale and purchase
of the Shares will be held at 10:00 a.m., local time, on May 9, 2001 or such
other time and date as the Company and Purchasers shall agree (the "Closing
Date"), at the offices of Cravath, Swaine & Moore, 825 Eighth Avenue, New York,
New York. At the Closing, (i) the Company will deliver to Purchasers one or more
certificates representing the Shares duly registered in the names of Purchasers
and bearing appropriate legends and (ii) Purchasers will deliver to the Company
the Purchase Price, by wire transfer in immediately available funds, as directed
by the Company, which shall be an account at a bank located in the United States
of America.

                                   ARTICLE II.

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         The Company represents and warrants as of the date hereof and as of the
Closing Date as follows:

         Section 2.1. Corporate Existence and Power. The Company is a
corporation duly incorporated, validly existing and in good standing under the
laws of its jurisdiction of incorporation and has all corporate powers and all
material governmental licenses, authorizations, permits, consents and approvals
required to carry on its business as now conducted and as proposed to be
conducted.

<PAGE>

                                                                               3

         Section 2.2. Corporate Authorization. The execution, delivery and
performance by the Company of each of the Transaction Documents and the
consummation by the Company of the transactions contemplated hereby and thereby
(including the issuance and sale of the Shares) are within the corporate powers
of the Company and have been duly authorized by all necessary corporate action
on the part of the Company. This Agreement has been duly executed and delivered
by the Company and the other Transaction Documents, when executed, will be duly
executed and delivered by the Company. Each of the Transaction Documents
constitutes, or when executed will constitute, a valid and binding agreement of
the Company, enforceable against it in accordance with its respective terms,
except (i) as limited by the applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of
creditors' rights generally or (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable
remedies.

         Section 2.3. Governmental Authorization. The execution, delivery and
performance by the Company of each of the Transaction Documents and the
consummation of the transactions contemplated hereby and thereby do not require
the Company to obtain any order, license, consent, authorization or approval of,
or exemption by, or action by or in respect of, or make any notice to, or filing
or registration with, any governmental body, agency or official except as have
been obtained or made (or are not required to be obtained or made until after
the Closing).

         Section 2.4. Noncontravention. The execution, delivery and performance
by the Company of each of the Transaction Documents and the consummation of the
transactions contemplated hereby and thereby do not and will not (i) violate its
Charter or bylaws, (ii) assuming compliance with the matters referred to in
Section 2.3, violate any applicable law, rule, regulation, judgment, injunction,
order or decree, (iii) require any consent or other action by any Person under,
constitute a default under (with due notice or lapse of time or both), or give
rise to any right of termination, cancellation or acceleration of any right or
obligation of such entity or to a loss of any benefit to which it is entitled
under any provision of any agreement or other instrument binding upon it or any
of its assets or properties other than such as would not have a Material Adverse
Effect or (iv) result in the creation or imposition of any material Lien on any
of its properties or assets.

         Section 2.5. Capitalization and Voting Rights of the Company.

         (a) As of the Closing Date, immediately prior to the issuance of the
Shares, the authorized capital stock of the Company will consist of 20,000,000
shares of Common Stock, par value $0.01 per share (the "Common Stock"), and
20,000,000 shares of Preferred Stock, par value $0.01 per share (the "Preferred
Stock"), of which 6,851,821 shares of Common Stock and 3,000,000 shares of
Preferred Stock will be outstanding. The rights, privileges and preferences of
the Common Stock are set forth in the Charter and the rights, privileges and
preferences of the Preferred Stock are set forth in the Amended Certificate of
Designations, Preferences and Rights of 15% Senior Preferred Stock Due 2011 and
15% Series B Senior Preferred Stock Due 2011 and the Junior Preferred Stock
Certificate of Designations.

         (b) Immediately following the Closing and after giving effect to the
transactions contemplated by the Transaction Documents, the outstanding capital
stock of the Company will be 7,014,321 shares of Common Stock and 3,343,750
shares of Preferred Stock.

<PAGE>

                                                                               4

         (c) Except as set forth in this Section 2.5 or on Schedule 2.5 and,
except for the options granted to certain executives of the Company in
connection with their employment with the Company, there are, and immediately
after the Closing and after giving effect to the transactions contemplated by
the Transaction Documents, there will be, no outstanding (i) shares of capital
stock or voting securities of the Company, (ii) securities of the Company or its
Subsidiaries convertible into or exchangeable for shares of capital stock or
voting securities of the Company, (iii) options or other rights to acquire from
the Company, or other obligation of the Company to issue, any capital stock,
voting securities or securities convertible into or exchangeable for capital
stock or voting securities of the Company or (iv) other than as expressly
permitted in the Transaction Documents or employment plans, no obligation of the
Company to redeem, repurchase or otherwise acquire or retire any shares of
capital stock or any convertible securities, rights or options of the type
described in (i), (ii) or (iii) which are presently outstanding or which may be
issued in the future. Set forth on Schedule 2.5 is a true, correct and complete
list of the record holders of shares of capital stock of the Company. Such
holders own of record all the outstanding capital stock of the Company, each of
them so owning the number of shares set forth opposite such holder's name on
Schedule 2.5.

         Section 2.6. Valid Issuance of Securities. Except for the preemptive
rights granted pursuant to the Stockholders Agreement, all outstanding shares of
capital stock of the Company have been duly authorized, validly issued, fully
paid and non-assessable and are not subject to any preemptive or subscription
rights. The Shares have been duly authorized and, when issued in accordance with
this Agreement, will be fully paid and non-assessable, will not be subject to
any preemptive or subscription rights and will not result in the anti-dilution
provisions of any security becoming applicable. Purchasers will have good title
to the Shares when issued and delivered in accordance with this Agreement and
such Shares will be free and clear of any Liens.

         Section 2.7. Litigation. There is no action, suit, investigation or
proceeding pending against, or to the knowledge of the Company, threatened
against or affecting the Company, its Subsidiaries or any of their properties
before any court or arbitrator or any governmental body, agency or official
which in any manner challenges or seeks to prevent, enjoin, alter or materially
delay the transactions contemplated by this Agreement or which could reasonably
be expected to have a Material Adverse Effect.

         Section 2.8. Compliance with Laws. The Company and each of its
Subsidiaries is and has been in compliance with all applicable laws as such
applicable laws apply to the Company except for possible instances of
noncompliance that, individually or in the aggregate, would not have a Material
Adverse Effect. Except as set forth on Schedule 2.8, neither the Company nor any
of its Subsidiaries has received any written communication during the three
years preceding the date hereof from any person that alleges that the Company or
any of its Subsidiaries is not in material compliance with any applicable law.

         Section 2.9. Transactions with Affiliates. Except as described in
Schedule 2.9 and for the transactions contemplated by the Transaction Documents,
since March 31, 2001, there have been no transactions between Affiliates of the
Company, on the one hand, and the Company, on the other hand. Schedule 2.9 sets
forth a true and complete list of all arrangements between Affiliates of the
Company or its Subsidiaries, on the one hand, and the Company and its
Subsidiaries, on the other hand, which will be in effect following the Closing.

<PAGE>

                                                                               5

         Section 2.10. Brokers. There is no investment banker, broker, finder or
other intermediary which has been retained by, will be retained by or is
authorized to act on behalf of the Company or any of its Subsidiaries who will
be entitled to any broker's or finder's fee or any other commission or similar
fee directly or indirectly from any of the parties hereto in connection with any
of the transactions contemplated hereby.

         Section 2.11. Ripplewood. Neither Ripplewood Partners, L.P. nor any of
its Affiliates is or will be entitled to any broker's or finder's fee or any
other commission or similar fee directly or indirectly from any of the parties
hereto in connection with any of the transactions contemplated hereby.

                                  ARTICLE III.

                  REPRESENTATIONS AND WARRANTIES OF PURCHASERS

         Except for Section 3.7, each Purchaser represents and warrants to the
Company, each for itself and not to or for the other, as of the date hereof and
as of the Closing Date that:

         Section 3.1. Existence and Power. Purchasers are duly organized,
validly existing and in good standing under the laws of their jurisdiction of
organization and have all powers (corporate, partnership or otherwise) and all
material governmental licenses, authorizations, permits, consents and approvals
required to carry on their businesses as now conducted.

         Section 3.2. Authorization. The execution, delivery and performance by
Purchasers of this Agreement and the consummation of the transactions
contemplated hereby are within the powers (corporate, partnership or otherwise)
of Purchasers and have been duly authorized by all necessary action on the part
of Purchasers. This Agreement constitutes a valid and binding agreement of
Purchasers, enforceable in accordance with its terms, except (i) as limited by
the applicable bankruptcy, insolvency, reorganization, moratorium and other laws
of general application affecting enforcement or creditors' rights generally or
(ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies.

         Section 3.3. Governmental Authorization. The execution, delivery and
performance by Purchasers of this Agreement and the consummation of the
transactions contemplated hereby require no order, license, consent,
authorization or approval of, or exemption by, or action by or in respect of, or
notice to, or filing or registration with, any governmental body, agency or
official.

         Section 3.4. Purchase for Investment. Purchasers are purchasing the
Shares for investment for their own accounts and not with a view to, or for sale
in connection with, any distribution thereof.

         Section 3.5. Private Placement.

         (a) Purchasers understand that (i) the offering and sale of the Shares
hereby is intended to be exempt from registration under the Securities Act and
(ii) there is no market for Shares and there can be no assurance that Purchasers
will be able to sell or dispose of the Shares to be purchased by Purchasers.

<PAGE>

                                                                               6

         (b) Purchasers' financial situation is such that Purchasers can afford
to bear the economic risk of holding the Shares acquired hereunder for an
indefinite period of time, and Purchasers can afford to suffer the complete loss
of the investment in the Shares.

         Section 3.6. Litigation. There is no action, suit, investigation or
proceeding pending against, or to the knowledge of Purchasers, threatened
against or affecting, Purchasers before any court or arbitrator or any
governmental body, agency or official which in any manner challenges or seeks to
prevent, enjoin, alter or materially delay the transactions contemplated by this
Agreement.

         Section 3.7. EAC III Representations and Warranties. EAC III represents
and warrants to SGC that EAC III has provided SGC's counsel with true and
complete copies of all documents entered between EAC III and its members in
connection with the funding of EAC III's purchase of the EAC III Shares
contemplated hereby, which documents provide for the investment by such members
to fund such purchase by EAC III, and EAC III represents and warrants that there
are no other arrangements or understandings relating to such matters except as
set forth in such documents and in the Amended and Restated Operating Agreement
of EAC III L.L.C., dated as of November 17, 1999.

                                   ARTICLE IV.

                               CLOSING CONDITIONS

         Section 4.1. Closing Conditions. The obligations of Purchasers to
consummate the Closing are subject to the satisfaction or waiver of the
following conditions, and the failure by the Company to satisfy all such
conditions shall relieve Purchasers, at each Purchaser's election, of all such
obligations:

         Section 4.1.1. Representations and Warranties True; Compliance.

         (a) The representations and warranties contained in Section 2 that are
qualified by materiality shall be true and correct and those not so qualified
shall be true and correct in all material respects on the Closing Date with the
same effect as though made on and as of that date.

         (b) The Company shall have performed in all material respects each of
the covenants and agreements of the Company contained in this Agreement and the
ChildU Acquisition Agreement required to be performed at or prior to the
Closing.

         Section 4.1.2. Certificate. Purchasers shall have received:

         (a) from the Company, a certificate dated the Closing Date and signed
(on behalf of the Company) by an executive officer of the Company, substantially
to the effect of 4.1.1(a) and (b); and

         (b) from the Company, a customary certificate dated the Closing Date
and signed (on behalf of the Company) by the secretary or an assistant secretary
of the Company.

<PAGE>

                                                                               7

         Section 4.1.3. Organic Documents. Purchasers shall have received (i) a
long-form certificate of good standing or equivalent certificate or certificates
of the Secretary of State of the State of Delaware certifying the Company's due
incorporation, good standing and satisfactory tax status and listing all charter
documents with respect to the Company on file with such Secretary of State, (ii)
the Company's charter documents, including, without limitation, all Certificates
of Designations, certified by the Secretary of State of the State of Delaware
and (iii) the Company's by-laws, certified by the Secretary of the Company.

         Section 4.1.4. Purchase Permitted by Applicable Laws. The acquisition
of and payment for the Shares shall not be prohibited by any applicable law or
governmental regulation. All of the orders, licenses, consents, authorizations,
approvals, notices, filings or registrations which are required to be obtained
or made on or prior to Closing shall have been obtained or made.

         Section 4.1.5. No Litigation. No judgment, injunction, order or decree
of any Governmental Entity of competent jurisdiction shall prohibit the
acquisition of and payment for the Shares.

         Section 4.1.6. Closing of Transaction.

         (a) The Company shall have delivered to Purchasers copies of the fully
executed ChildU Acquisition Agreement (and any other documents executed in
connection with the ChildU Acquisition) certified as true and correct in all
material respects by an executive officer of the Company.

         (b) The conditions to the consummation of the transaction contemplated
by the ChildU Acquisition Agreement shall have been satisfied and the
transactions contemplated by such document to be consummated at or prior to
closing of the transaction shall have been consummated substantially in
accordance with the terms of the ChildU Acquisition Agreement (without waiver of
any material closing condition of the Company set forth in the ChildU
Acquisition Agreement).

         Section 4.1.7. SBIC Sideletter. The Company shall have executed and
delivered to Purchasers a letter agreement or agreements with respect to SBIC
matters in the form attached hereto as Exhibit 4.1.7.

         Section 4.1.8. Fees and Expenses. All fees and disbursements required
to be paid pursuant to Section 6.6 shall have been paid in full.

         Section 4.1.9. Delivery of Purchase Price by the Purchasers. The
Company shall have received the EAC III Purchase Price from EAC III pursuant to
the terms and provisions of this Agreement, and SGC shall have received evidence
reasonably satisfactory to SGC of such receipt. The Company shall have received
the SGC Purchase Price from SGC pursuant to the terms and provisions of this
Agreement, and EAC III shall have received evidence reasonably satisfactory to
EAC III of such receipt.

         Section 4.2. Retained Funds. The Company agrees to hold $2,500,000 of
the Purchase Price (the "Retained Funds") and the equivalent number of Shares,
based upon a price of $40 per share, consisting of EAC III Shares and SGC Shares
pro rata (the "Retained Shares"), pending the consummation of the ThinkBox
Acquisition. The Retained Funds shall be released for the Company's use in
installments as required by the Company to make the Payments (as defined in the
ThinkBox Acquisition Agreement) upon the terms of the ThinkBox Acquisition
Agreement, as such agreement may be amended from time to time, and an equivalent
number of Retained Shares shall be released by the Company to the Purchasers pro
rata immediately after each such release of Retained Funds. If the ThinkBox
Acquisition Agreement is abandoned or terminated before all of the Retained
Funds have been used by the Company as provided above, such remaining Retained
Funds shall be returned to the Purchasers pro rata, together with interest on
such returned funds, computed at a rate per annum equal to 9.75% from the
Closing to the date such funds are returned, and the remaining Retained Shares
shall not be issued to the Purchasers. If the Initial Closing (as defined in the
ThinkBox Acquisition Agreement) of the ThinkBox Acquisition does not occur
within ninety (90) days of the Closing, the Retained Funds will be returned to
the Purchasers pro rata in their entirety, together with interest on such
returned funds, computed at a rate per annum equal to 9.75% from the Closing to
the date such funds are returned, and none of the Retained Shares shall be
issued to the Purchasers.

<PAGE>

                                                                               8

                                   ARTICLE V.

                        INTERPRETATION OF THIS AGREEMENT

         Section 5.1. Terms Defined.

         As used herein, the following terms have the respective meanings set
forth below or set forth in the Section hereof following such term:

         Affiliate means, in respect of any Person, at any time, a Person (other
than a Subsidiary or Purchaser) that directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with,
such Person; or that beneficially owns or holds ten percent (10%) or more of any
class of the voting stock of such Person. As used in this definition, control
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

         Charter means the Amended and Restated Certificate of Incorporation of
the Company, as in effect at the Closing and as thereafter amended in compliance
with the provisions thereof.

         Governmental Entity means any Federal, state, local or foreign
government or any court of competent jurisdiction, administrative agency or
commission or other governmental authority or instrumentality, domestic or
foreign.

         Lien means all mortgages, liens, security interests, charges,
easements, leases, subleases, covenants, rights-of-way, options, claims,
restrictions or encumbrances of any kind.

         Material Adverse Effect means, with respect to any event or
circumstance (either individually or in the aggregate with all other events and
circumstances), an effect caused thereby or resulting therefrom that would be
materially adverse as to, or in respect of the business, operations, financial
condition or properties of the Company and its Subsidiaries, taken as a whole;
the ability of the Company to perform its obligations under any Transaction
Document to which it is a party; or the validity or enforceability of any of the
Transaction Documents.

<PAGE>

                                                                               9

         Person means an individual, corporation, partnership, limited liability
company, association, trust or other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.

         SBIC means Small Business Investment Company.

         Securities Act means the Securities Act of 1933, as amended from time
to time.

         Stockholders Agreement means the Amended and Restated Stockholders
Agreement, dated as of November 17, 1999, among the Company, SGC and EAC III.

         Subsidiary means any entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the Board of
Directors of the Company or other persons performing similar functions are,
after giving effect to the transactions contemplated by the Acquisition
Agreements, directly or indirectly owned by the Company.

         Transaction Documents means (i) this Agreement and (ii) the Acquisition
Agreements.

         Section 5.2. Directly or Indirectly. Where any provision herein refers
to action to be taken by any Person, or which such Person is prohibited from
taking, such provision shall be applicable whether such action is taken directly
or indirectly by such Person, including actions taken by or on behalf of any
partnership in which such Person is a general partner.

         Section 5.3. Section Headings and Table of Contents and Construction.

         (a) The titles of the sections of this Agreement and the table of
contents of this Agreement appear as a matter of convenience only, do not
constitute a part hereof and shall not affect the construction hereof. The words
"herein," "hereof," "hereunder" and "hereto" refer to this Agreement as a whole
and not to any particular section or other subdivision. References to sections
are, unless otherwise specified, references to sections of this Agreement.
References to schedules are, unless otherwise specified, references to schedules
attached to this Agreement.

         (b) Each covenant contained herein shall be construed (absent an
express contrary provision herein) as being independent of each other covenant
contained herein, and compliance with any one covenant shall not (absent such an
express contrary provision) be deemed to excuse compliance with one or more
other covenants.

         Section 5.4. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW
YORK.

<PAGE>

                                                                              10

                                   ARTICLE VI.

                                  MISCELLANEOUS

         Section 6.1. Notices.

         (a) Notices and other communications provided for herein shall be in
writing and shall be delivered by hand or overnight courier service, mailed or
sent by telecopy, as follows:

                  (i)    if to Purchasers,

                         SGC Partners II LLC
                         1221 Avenue of the Americas
                         New York, NY 10020
                         Attention: Mr. V. Frank Pottow
                         Fax: (212) 278-5454

                         EAC III L.L.C.
                         c/o Ripplewood Holdings L.L.C.
                         One Rockefeller Plaza, 32nd Floor
                         New York, NY 10020
                         Attention: Mr. Charles L. Laurey
                         Fax: (212) 582-4110

                         with a copy to:

                         SG Cowen Securities Corporation
                         1221 Avenue of the Americas
                         New York, NY 10020
                         Attention: Elisabeth Duncan, Esq.
                         Fax: (212) 278-7995

                         and

                         Covington & Burling
                         1330 Avenue of the Americas
                         New York, NY 10019
                         Attention: J. D. Weinberg, Esq.
                         Fax: (212) 841-1010

                  (ii)   if to the Company,

                         WRC Media Inc.
                         c/o Ripplewood Holdings L.L.C.
                         One Rockefeller Plaza, 32nd Floor
                         New York, New York 10020
                         Attention: Mr. Charles L. Laurey
                         Fax: (212) 582-4110

<PAGE>

                                                                              11

                         with a copy to:

                         Cravath, Swaine & Moore
                         Worldwide Plaza
                         825 Eighth Avenue
                         New York, New York 10019
                         Attention: Julie T. Spellman, Esq.
                         Fax: (212) 474-3700

         (b) Any communication addressed and delivered as herein provided shall
be deemed to be received when actually delivered to the address of the addressee
(whether or not delivery is accepted) or received by the telecopy machine of the
recipient. Any communication not so addressed and delivered shall be
ineffective.

         (c) Notwithstanding the foregoing provisions of this Section 6.1,
service of process in any suit, action or proceeding arising out of or relating
to this Agreement or any document, agreement or transaction contemplated hereby,
or any action or proceeding to execute or otherwise enforce any judgment in
respect of any breach hereunder or under any document or agreement contemplated
hereby, shall be delivered in the manner provided in Section 6.7(c).

         Section 6.2. Reproduction of Documents. This Agreement and all
documents relating hereto, including, without limitation, consents, waivers and
modifications that may hereafter be executed, documents received by Purchasers
at the Closing (except the certificates representing the Shares to be purchased
by Purchasers), and financial statements, certificates and other information
previously or hereafter furnished to Purchasers, may be reproduced by the
Company or Purchasers by any photographic, photostatic, microfilm, micro-card,
miniature photographic, digital or other similar process, and Purchasers may
destroy any original document so reproduced. Any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative
proceeding (whether or not the original is in existence and whether or not such
reproduction was made by the Company or Purchasers in the regular course of
business) and any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence. Nothing in this Section
6.2 shall prohibit the Company or Purchasers from contesting the accuracy or
validity of any such reproduction.

         Section 6.3. Survival. All warranties, representations, certifications
and covenants made by the Company herein or in any certificate or other
instrument delivered by or on behalf of the Company hereunder shall be
considered to have been relied upon by Purchasers and shall survive the delivery
to Purchasers of the Shares regardless of any investigation made by Purchasers
or on Purchasers' behalf. All statements in any certificate or other instrument
delivered by or on behalf of the Company pursuant to the terms hereof shall
constitute representations and warranties by the Company hereunder. All payment
obligations of the Company hereunder (including, without limitation,
reimbursement obligations in respect of costs, expenses and fees of or incurred
by Purchasers) shall survive the termination hereof.

         Section 6.4. Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties hereto. The provisions hereof are intended to be for Purchasers'
benefit and the benefit of Purchasers' successors and permitted assigns, and
shall be enforceable by Purchasers, Purchasers' successors or permitted assigns
whether or not an express assignment of rights hereunder shall have been made by
Purchasers or Purchasers' successors or permitted assigns. Anything contained in
this Section 6.4 notwithstanding, the Company may not assign any of its
respective rights, duties or obligations hereunder or under any of the other
Transaction Documents without Purchasers' prior written consent and Purchasers
may not assign any of their respective rights, duties or obligations hereunder
except to an Affiliate or a Permitted Transferee (as defined in the Stockholders
Agreement) of the Shares.

<PAGE>

                                                                              12

         Section 6.5. Amendment and Waiver. This Agreement may be amended, and
the observance of any term hereof may be waived, with (and only with) the
written consent of the Company and Purchasers.

         Section 6.6. Expenses. Whether or not any Shares are sold, the Company
shall pay (at the Closing, if any Shares are sold, and otherwise upon receipt of
any statement or invoice therefor), all fees, expenses and costs incurred by
Purchasers relating hereto, including, without limitation, the statement
presented at the Closing by each Purchaser's counsel for reasonable fees and
disbursements incurred in connection herewith, each additional statement for
fees and disbursements (promptly upon receipt thereof) of each Purchaser's
counsel rendered after the Closing in connection with the purchase of the Junior
Preferred Stock and all reasonable expenses incurred by Purchasers or on
Purchasers' behalf or on behalf of the Company in complying with each of the
conditions to closing set forth in Section 4.

         Section 6.7. Waiver of Jury Trial; Consent to Jurisdiction; Etc.

         (a) THE PARTIES HERETO VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT
EITHER OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE DOCUMENTS,
AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY.

         (b) ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, OR ANY OF THE DOCUMENTS, AGREEMENTS OR TRANSACTIONS CONTEMPLATED
HEREBY OR ANY ACTION OR PROCEEDING TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT
IN RESPECT OF ANY BREACH UNDER THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT
CONTEMPLATED HEREBY SHALL BE BROUGHT BY SUCH PARTY IN ANY FEDERAL DISTRICT COURT
LOCATED IN NEW YORK CITY, NEW YORK, OR ANY NEW YORK STATE COURT LOCATED IN NEW
YORK CITY, NEW YORK AS SUCH PARTY MAY IN ITS SOLE DISCRETION ELECT, AND BY THE
EXECUTION AND DELIVERY OF THIS AGREEMENT, THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY SUBMIT TO THE EXCLUSIVE IN PERSONAM JURISDICTION OF EACH SUCH
COURT, AND EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES AND AGREES NOT TO
ASSERT IN ANY PROCEEDING BEFORE ANY TRIBUNAL, BY WAY OF MOTION, AS A DEFENSE OR
OTHERWISE, ANY CLAIM THAT IT IS NOT SUBJECT TO THE IN PERSONAM JURISDICTION OF
ANY SUCH COURT. IN ADDITION, EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY DOCUMENT, AGREEMENT OR TRANSACTION
CONTEMPLATED HEREBY BROUGHT IN ANY SUCH COURT, AND HEREBY IRREVOCABLY WAIVES ANY
CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM.

<PAGE>

                                                                              13

         (c) EACH PARTY HERETO IRREVOCABLY AGREES THAT PROCESS PERSONALLY SERVED
OR SERVED BY U.S. REGISTERED MAIL AT THE ADDRESSES PROVIDED HEREIN FOR NOTICES
SHALL CONSTITUTE, TO THE EXTENT PERMITTED BY LAW, ADEQUATE SERVICE OF PROCESS IN
ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY DOCUMENT, AGREEMENT OR TRANSACTION CONTEMPLATED HEREBY, OR ANY ACTION OR
PROCEEDING TO EXECUTE OR OTHERWISE ENFORCE ANY JUDGMENT IN RESPECT OF ANY BREACH
HEREUNDER OR UNDER ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY. RECEIPT OF
PROCESS SO SERVED SHALL BE CONCLUSIVELY PRESUMED AS EVIDENCED BY A DELIVERY
RECEIPT FURNISHED BY THE UNITED STATES POSTAL SERVICE OR ANY COMMERCIAL DELIVERY
SERVICE.

         (d) NOTHING HEREIN SHALL IN ANY WAY BE DEEMED TO LIMIT EITHER PARTY'S
ABILITY TO SERVE ANY WRITS, PROCESS OR SUMMONSES IN ANY MANNER PERMITTED BY
APPLICABLE LAW OR TO OBTAIN JURISDICTION OVER THE OTHER PARTY IN SUCH OTHER
JURISDICTION, AND IN SUCH OTHER MANNER, AS MAY BE PERMITTED BY APPLICABLE LAW.

         Section 6.8. Indemnification. From and at all times after the date of
this Agreement, and in addition to all of Purchasers' other rights and remedies
against the Company, the Company agrees to indemnify and hold harmless
Purchasers and each of Purchasers' directors, trustees, officers, employees,
agents, investment advisors and Affiliates against any and all claims (whether
valid or not), losses, damages, liabilities, costs and expenses of any kind or
nature whatsoever (including, without limitation, attorneys' fees, costs and
expenses), incurred by or asserted against Purchasers or any such directors,
trustees, officers, employees, agents, investment advisors or Affiliates, from
and after the date hereof, whether direct, indirect or consequential, as a
result of or arising from or in any way relating to any suit, action or
proceeding (including any inquiry or investigation) by any Person, whether
threatened or initiated, asserting a claim for any legal or equitable remedy
against any Person under any statute or regulation, including, but not limited
to, any federal or state securities laws, or under any common law or equitable
cause or otherwise, arising from or in connection with the negotiation,
preparation, execution, performance or enforcement of this Agreement or the
other Transaction Documents or any transactions contemplated herein or therein,
whether or not Purchasers or any such directors, trustees, officers, employees,
agents, investment advisors or Affiliates are parties to any such action,
proceeding or suit or the targets of any such inquiry or investigation; or
resulting from any breach of any representation or warranty, covenant or
agreement of the Company in the Transaction Documents or any legal,
administrative or other actions (including actions brought by any equity holders
of the Company or derivative actions brought by any Person claiming through the
Company or in the name of the Company), proceedings or investigations (whether
formal or informal), or written threats thereof, based upon, relating to or
arising out of this Agreement, the Common Stock, any Transaction Document or any
indemnified person's role in the transactions contemplated by the Transaction
Documents; provided, however, that no indemnified party shall have the right to
be indemnified hereunder for any liability resulting from the willful misconduct
or gross negligence of such indemnified party or breach by such indemnified
party of its own obligations under this Agreement. All of the foregoing losses,
damages, costs and expenses shall be payable as and when incurred upon demand by
Purchasers and shall be additional obligations hereunder. Without limiting the
generality of the foregoing, Purchasers shall be entitled to collect, and the
Company shall be obligated to advance to Purchasers and such directors,
trustees, officers, employees, agents, investment advisors and Affiliates, to
the fullest extent permitted by applicable law, all expenses (including, without
limitation, reasonable fees and disbursements of counsel) attendant to defending
against any such claims (whether valid or not), losses, damages, liabilities,
costs and expenses when and as incurred, regardless of whether any judicial
determination of Purchasers' entitlement to such indemnity has been made, until
or unless a final judicial determination that such indemnified party is not
entitled to such indemnity as a result of the willful misconduct or gross
negligence of such indemnified party, in which case, such indemnified party
shall promptly repay to the Company, with interest at the applicable statutory
rate applicable to judgments in the relevant jurisdiction, all amounts so
advanced by the Company. The obligations of the Company and the rights of the
holders of Shares under this Section 6.8 shall survive the termination of this
Agreement.

<PAGE>

                                                                              14

         Section 6.9. Entire Agreement.

         This Agreement constitutes the final written expression of all of the
terms hereof and is a complete and exclusive statement of those terms.

         Section 6.10. Execution in Counterpart.

         This Agreement may be executed in one or more counterparts and shall be
effective when at least one counterpart shall have been executed by each party
hereto, and each set of counterparts that, collectively, show execution by each
party hereto shall constitute one duplicate original.

      [Remainder of page intentionally blank. Next page is signature page.]

<PAGE>

                                                                              15

         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the day and year first above written.

                                           WRC MEDIA INC.

                                             by
                                               ---------------------------------
                                               Name:
                                               Title:

                                           EAC III L.L.C.

                                             by EAC IV L.L.C.
                                                its Managing Member,

                                             by RIPPLEWOOD PARTNERS, L.P.,
                                                its Sole Member,

                                             by RIPPLEWOOD HOLDINGS L.L.C.,
                                                its General Partner

                                               ---------------------------------
                                               Name:
                                               Title:

                                           SGC PARTNERS II LLC

                                             by
                                               ---------------------------------
                                               Name:
                                               Title:<PAGE>

                                                                    EXHIBIT 4.8

                    CERTIFICATE OF DESIGNATIONS, PREFERENCES
            AND RIGHTS OF JUNIOR PARTICIPATING CUMULATIVE CONVERTIBLE
                                 PREFERRED STOCK

                                       of

                                 WRC MEDIA INC.

             Pursuant to Section 151 of the General Corporation Law
                            of the State of Delaware

         We, the undersigned, Robert S. Lynch, Treasurer, and Charles L. Laurey,
Secretary, of WRC Media Inc., a Delaware corporation (the "Corporation"),
pursuant to the provisions of Sections 103 and 151 of the General Corporation
Law of the State of Delaware, do hereby make this Certificate of Designations
and do hereby state and certify that pursuant to the authority expressly vested
in the Board of Directors of the Corporation by the Certificate of
Incorporation, the Board of Directors of the Corporation duly adopted the
following resolution:

         RESOLVED, that, pursuant to Article IV of the Certificate of
Incorporation (which authorizes 20,000,000 shares of preferred stock, par value
$0.01 per share (the "Preferred Stock"), of which 3,000,000 shares of Preferred
Stock are currently issued and outstanding), the Board of Directors of the
Corporation hereby fixes the powers, designations, preferences and relative,
participating, optional and other special rights, and the qualifications,
limitations and restrictions, of a series of Preferred Stock.

         RESOLVED, that each share of such series of Preferred Stock shall rank
equally in all respects and shall be subject to the following provisions:

         (1) Number and Designation. 750,000 shares of the Preferred Stock of
the Corporation shall be designated as Junior Participating Cumulative
Convertible Preferred Stock, par value $0.01 per share (the "Junior Preferred
Stock").

                                       1

<PAGE>

         (2) Rank. The Junior Preferred Stock shall, with respect to dividend
rights and rights on liquidation, dissolution and winding up, rank (i) junior to
each share of the Corporation's outstanding 15% Senior Preferred Stock Due 2011
(the "15% Senior Preferred Stock") and 15% Series B Senior Preferred Stock Due
2011 (the "Series B Senior Preferred Stock" and, together with the 15% Senior
Preferred Stock, the "Senior Preferred Stock") and each other class of capital
stock or series of Preferred Stock established hereafter by the Board of
Directors of the Corporation, the terms of which later established class of
capital stock or series of Preferred Stock expressly provide that such class or
series shall rank senior to the Junior Preferred Stock as to dividend rights and
rights on liquidation, winding up and dissolution of the Corporation
(collectively referred to herein as the "Senior Securities"); (ii) senior to the
Corporation's Common Stock, par value $0.01 per share (the "Common Stock"), and
to each other class of capital stock or series of Preferred Stock established
hereafter by the Board of Directors of the Corporation, the terms of which do
not expressly provide that such class or series shall rank senior to, or on
parity with, the Junior Preferred Stock as to dividend rights and rights on
liquidation, winding up and dissolution of the Corporation (collectively
referred to herein, together with all classes of the Common Stock of the
Corporation, as the "Junior Securities"); and (iii) on a parity with each other
class of capital stock or series of Preferred Stock established hereafter by the
Board of Directors of the Corporation, the terms of which expressly provide that
such class or series will rank on a parity with the Junior Preferred Stock as to
dividend rights and rights on liquidation, winding up and dissolution
(collectively referred to herein as the "Parity Securities"). The respective
definitions of Senior Securities, Junior Securities and Parity Securities shall
also include any rights or options exercisable for or convertible into any of
the Senior Securities, Junior Securities and Parity Securities, as the case may
be.

         (3) Dividends. (a) The holders of shares of the Junior Preferred Stock
shall be entitled to receive, when, as and if declared by the Board of Directors
of the Corporation out of funds legally available therefor, dividends, payable
quarterly, on the shares of the Junior Preferred Stock, cumulative from the
first date of issuance of any such shares (the "Initial Issuance Date"), at a
rate (the "Dividend Rate") per annum of 18% (computed on the basis of a 360-day
year) of the Liquidation Value per share on the date of such declaration less
the amount of dividends paid during the Dividend Period (as defined below)
pursuant to the following clause (b) (but not less than zero). Such dividends
shall be payable quarterly on March 31, June 30, September 30 and December 31 of
each year (unless such day is not a business day, in which event on the next
succeeding business day) (each of such dates being a "Dividend Payment Date" and
each such quarterly period being a "Dividend Period"). Such dividends shall be
cumulative from the date of issue, whether or not declared and whether or not
there shall be funds of the Corporation legally available for the payment of
such dividends in any Dividend Period or Periods. Dividends on shares of the
Junior Preferred Stock shall be payable in preference to and in priority over
dividends on any Junior Securities.

         (b) The holders of shares of the Junior Preferred Stock shall be
entitled to receive, when, as and if declared by the Board of Directors of the
Corporation out of funds legally available therefor, dividends or distributions
on each payment date equal to dividends or distributions on the Common Stock, in
an amount per whole share of the Junior Preferred Stock equal to one (which
number is subject to adjustment to reflect stock dividends, subdivisions,
combinations or reclassifications of the outstanding Common Stock) times the per
share amount of all dividends or distributions, other than dividends or
distributions solely in shares of the Common Stock, then to be paid on each
share of the Common Stock.

                                       2

<PAGE>

         (c) Other than any dividends or distributions payable pursuant to
Section (3)(b) above, dividends on shares of the Junior Preferred Stock shall be
payable in the form of additional shares of the Junior Preferred Stock (and
shall be calculated by valuing such additional shares at $40.00 per share, which
amount is subject to adjustment to reflect stock splits, subdivisions,
combinations, reclassifications or the like of the Junior Preferred Stock),
except that the Corporation may, in its sole discretion, for any period for
which dividends are payable, pay accrued and unpaid dividends for such period in
the form of cash. If any dividends on the shares of Common Stock are paid in
cash, then dividends on the shares of Junior Preferred Stock shall also be paid
in cash in accordance with the preceding paragraph (b). Dividends on shares of
the Junior Preferred Stock shall be fully cumulative and shall accrue from the
Initial Issuance Date (or the last Dividend Payment Date for which dividends
were paid, as the case may be) based on a 360-day year comprised of twelve
30-day months.

         (d) All dividends paid with respect to shares of the Junior Preferred
Stock pursuant to this Section (3) shall be paid pro rata to the holders
entitled thereto.

         (e) The holders of shares of the Junior Preferred Stock shall not be
entitled to any dividends, whether payable in cash, property or stock, in excess
of the dividends on the Junior Preferred Stock as provided in Sections (3)(a)
and (b) above. Except as provided in this Section (3), no interest, or sum of
money in lieu of interest, shall be payable in respect of any dividend payment
or payments on the Junior Preferred Stock that may be in arrears.

         (f) So long as any shares of the Junior Preferred Stock are
outstanding, no dividends, except as described in this Section (3)(f), shall be
declared or paid or set apart for payment or other distribution declared or made
upon Parity Securities, nor shall any Parity Securities be redeemed, purchased
or otherwise acquired for any consideration (or any moneys be paid to or made
available for a sinking fund for the redemption of any shares of any such stock)
by the Corporation, directly or indirectly, unless, in each case (to the extent
such dividends on the Junior Preferred Stock are payable in cash), full
cumulative dividends have been or contemporaneously are declared and paid or
declared and a sum sufficient for the payment thereof set apart for such payment
on the Junior Preferred Stock for all Dividend Periods terminating on or prior
to the date of payment of the dividend on, or the acquisition of, as applicable,
such class or series of Parity Securities. In the event that the Corporation
redeems or makes an offer to repurchase or otherwise acquire for any
consideration any Parity Securities, the Corporation shall also make a pro rata
offer to repurchase or otherwise acquire shares of the Junior Preferred Stock on
substantially the same terms and conditions as such Parity Securities offer, as
adjusted for the appropriate liquidation preference and conversion ratio, as
applicable and as determined in good faith by the Board of Directors of the
Corporation. When (to the extent such dividends are payable in cash) cash
dividends on the Junior Preferred Stock are not paid in full or a sum sufficient
for such payment is not set apart, as aforesaid, all dividends declared upon
shares of the Junior Preferred Stock and all dividends declared upon any other
class or series of Parity Securities shall (in each case, to the extent payable
in cash) be declared ratably in proportion to the respective amounts of
dividends accumulated and unpaid on the Junior Preferred Stock and accumulated
and unpaid on such Parity Securities.

                                       3

<PAGE>

         (g) So long as any shares of the Junior Preferred Stock are
outstanding, no dividends (other than dividends or distributions paid in shares
of, or options, warrants or rights to subscribe for or purchase shares of,
Junior Securities) shall be declared or paid or set apart for payment or other
distribution declared or made upon Junior Securities, nor shall any Junior
Securities be redeemed, purchased or otherwise acquired (other than a
redemption, purchase or other acquisition of shares of the Common Stock made for
purposes of an employee incentive or benefit plan of the Corporation or any
subsidiary) (all such dividends, distributions, redemptions or purchases being
hereinafter referred to as a "Junior Securities Distribution") for any
consideration (or any moneys be paid to or made available for a sinking fund for
the redemption of any shares of any such stock) by the Corporation, directly or
indirectly (except by conversion into or exchange for Junior Securities), unless
in each case (i) the full cumulative dividends or distributions on all
outstanding shares of the Junior Preferred Stock and any other Parity Securities
shall (to the extent payable in cash) have been paid or set apart for payment
for all past Dividend Periods with respect to the Junior Preferred Stock and all
past dividend periods with respect to such Parity Securities and (ii) (to the
extent payable in cash) sufficient funds shall have been paid or set apart for
the payment of the cash dividend for the current Dividend Period with respect to
the Junior Preferred Stock and the current dividend period with respect to such
Parity Securities. In the event that the Corporation makes an offer to
repurchase or otherwise acquire for any consideration any Junior Securities, the
Corporation shall also make a pro rata offer to repurchase or otherwise acquire
shares of the Junior Preferred Stock on substantially the same terms and
conditions as such Junior Securities offer, as adjusted for the appropriate
liquidation preference and conversation ratio, as applicable and as determined
in good faith by the Board of Directors of the Corporation.

         (4) Liquidation Preference. (a) In the event of any liquidation,
dissolution or winding up of the Corporation, whether voluntary or involuntary,
before any payment or distribution of the assets of the Corporation (whether
capital or surplus) shall be made to or set apart for the holders of shares of
Junior Securities or any distribution (other than a ratable distribution) is
made to the holders of Parity Securities, the holders of shares of the Junior
Preferred Stock shall be entitled to receive, out of the assets of the
Corporation available for distribution to its stockholders, an amount equal to
the Liquidation Value of such share plus any accrued and unpaid dividends and
distributions to the date of distribution. "Liquidation Value" on any date
means, with respect to any share of the Junior Preferred Stock, the greater of
(1) $40.00 per share (which amount is subject to adjustment to reflect stock
splits, subdivisions, combinations, reclassifications or the like of the Junior
Preferred Stock) and (2) an amount per share equal to one (which number is
subject to adjustment to reflect stock dividends, subdivisions, combinations or
reclassifications of the outstanding Common Stock) times the amount per share to
be distributed to holders of the Common Stock. If, upon any liquidation,
dissolution or winding up of the Corporation, the assets of the Corporation, or
proceeds thereof, distributable among the holders of the shares of Junior
Preferred Stock shall be insufficient to pay in full the preferential amount
aforesaid and liquidating payments on any Parity Securities, then such assets,
or the proceeds thereof, shall be distributed among the holders of shares of
Junior Preferred Stock and any such other Parity Securities ratably in
accordance with the respective amounts that would be payable on such shares of
Junior Preferred Stock and any such other Parity Securities if all amounts
payable thereon were paid in full.

                                       4

<PAGE>

         (b) Subject to the rights of the holders of Senior Securities and of
the holders of any Parity Securities, after payment in full of the Liquidation
Value and all accrued and unpaid dividends to holders of the Junior Preferred
Stock, such holders shall not be entitled to any further participation in any
distribution of assets of the Corporation.

         (c) For the purposes of this Section (4), (i) a consolidation or merger
of the Corporation with one or more corporations or (ii) a sale or transfer of
all or substantially all of the Corporation's assets, shall not be deemed to be
a liquidation, dissolution or winding up, voluntary or involuntary, of the
Corporation.

         (5) Redemption. The shares of the Junior Preferred Stock shall not be
redeemable. In the event that the Corporation offers to repurchase or otherwise
acquire for any consideration any shares of Junior Preferred Stock, the
Corporation shall also make an offer to repurchase or otherwise acquire a pro
rata portion of shares of the Junior Preferred Stock to all holders thereof for
the same price and on the same terms and conditions.

         (6) Voting Rights. (a) The holders of record of shares of the Junior
Preferred Stock shall be entitled to vote with the holders of the Common Stock
upon any matter submitted to a vote of the holders of the Common Stock, and
shall have one vote (subject to adjustment to reflect stock dividends,
subdivisions, combinations or reclassifications of the outstanding Common Stock)
for each whole share of the Junior Preferred Stock held. The holders of Junior
Stock shall not be entitled to vote as a separate class except as required by
law.

         (b) If and whenever four consecutive or six quarterly dividends or
distributions (in each case, to the extent such dividends were to be paid in
cash at the election of the Corporation) payable on the Junior Preferred Stock
have not been paid in full, the number of directors then constituting the Board
of Directors of the Corporation shall be increased by one and the holders of a
majority of the outstanding shares of the Junior Preferred Stock, together with
the holders of shares of every other series of Preferred Stock upon which like
rights have been conferred and are exercisable (any such series is referred to
as the "Preferred Shares"), voting as a single class regardless of series, shall
be entitled to elect one additional director to serve on the Board of Directors
of the Corporation at any annual meeting of stockholders or special meeting held
in place thereof, or at a special meeting of holders of the Junior Preferred
Stock and the Preferred Shares called as hereinafter provided.

                                       5

<PAGE>

         (c) Whenever all arrears in dividends or distributions on the Junior
Preferred Stock and the Preferred Shares then outstanding shall have been paid
and dividends thereon for the current quarterly dividend period shall have been
paid or declared and set apart for payment, the term of office of the person
elected as director by holders of the Junior Preferred Stock and the Preferred
Shares shall forthwith terminate and the number of the Board of Directors of the
Corporation shall be reduced accordingly. At any time after voting power shall
have been vested in holders of shares of the Junior Preferred Stock and the
Preferred Shares pursuant to Section (6)(b), the secretary of the Corporation
may, and upon the written request of any holder of the Junior Preferred Stock
(addressed to the secretary at the principal office of the Corporation) shall,
call a special meeting of holders of the Junior Preferred Stock and of the
Preferred Shares for the election of the director to be elected by them as
herein provided, such call to be made by notice similar to that provided in the
Bylaws of the Corporation for a special meeting of the stockholders or as
required by law. If any such special meeting required to be called as above
provided shall not be called by the secretary within 20 days after receipt of
any such request, then any holder of shares of the Junior Preferred Stock may
call such meeting, upon the notice above provided, and for that purpose shall
have access to the stock books of the Corporation. The director elected at any
such special meeting shall hold office until the next annual meeting of the
stockholders or special meeting held in lieu thereof if such office shall not
have previously terminated as above provided. If any vacancy shall occur with
respect to the director elected by holders of the Junior Preferred Stock and the
Preferred Shares, a successor shall be elected in accordance with the procedures
of Section (6)(b) to serve until the next annual meeting of the stockholders or
special meeting held in place thereof, if such office shall not have previously
terminated as provided above.

         (d) Without the written consent of 80% of the outstanding shares of the
Junior Preferred Stock or the vote of holders of 80% of the outstanding shares
of the Junior Preferred Stock at a meeting of holders of the Junior Preferred
Stock called for such purpose, the Corporation will not (i) amend, alter or
repeal any provision of the Certificate of Incorporation (by merger or
otherwise) so as to adversely affect the preferences, rights or powers of the
Junior Preferred Stock, provided that any such amendment that decreases the
dividend payable on or the Liquidation Value of the Junior Preferred Stock shall
require the written consent of the holder of each share of the Junior Preferred
Stock; or (ii) create, authorize or issue any class of stock ranking prior to,
or on a parity with, the Junior Preferred Stock with respect to dividends or
upon liquidation, dissolution, winding up or otherwise, or increase the
authorized number of shares of any such class or series, or reclassify any
authorized stock of the Corporation into any such prior or parity shares or
create, authorize or issue any obligation or security convertible into or
evidencing the right to purchase any such prior or parity shares. Without the
written consent of more than 50% of the outstanding shares of the Junior
Preferred Stock or the vote of holders of more than 50% of the outstanding
shares of the Junior Preferred Stock at a meeting of holders of the Junior
Preferred Stock called for such purpose, the Corporation will not merge or
consolidate, or sell, exchange or convey all or substantially all of the assets,
property or business of the Corporation unless, in the case of a merger or
consolidation, if the Corporation is not the surviving corporation, the
seniority rights, powers and preferences of the Junior Preferred Stock continue
unimpaired and on identical terms after such transaction.

                                       6

<PAGE>

         (7) Conversion. (a) Mandatory Conversion. (i) In addition to any deemed
conversion pursuant to subsection (c) below, the Corporation shall be entitled
to cause the conversion of all, but not less than all, of the outstanding shares
of the Junior Preferred Stock into the greater of (x) an equal number of shares
of the Common Stock plus the amount of accrued and unpaid dividends and
distributions on the converted Junior Preferred Stock, if any, and (y) the
number of shares of the Common Stock equal to the product of (A) a number of
shares of the Common Stock equal to the number of outstanding shares of the
Junior Preferred Stock and (B) a fraction, the numerator of which is $40.00, the
denominator of which is the initial public offering price per share for the
Common Stock of the Corporation, plus the amount of accrued and unpaid dividends
and distributions on the Junior Preferred Stock, if any, which conversion ratio
is subject to adjustment to reflect stock dividends, subdivisions, combinations
or reclassifications of the outstanding Common Stock, upon the consummation of
an initial public offering by the Corporation of the Common Stock.

         (ii) To exercise a mandatory conversion, the Corporation shall give
notice of the mandatory conversion by mail or by publication (with subsequent
prompt notice by mail) to the holders of the Junior Preferred Stock. The
conversion date will be a date selected by the Corporation, which date shall not
be less than 30 nor more than 60 days after the date on which the Corporation
gives such notice.

         (iii) In addition to any information required by applicable law or
regulation, notice of mandatory conversion shall state, as appropriate, (A) the
Junior Preferred Stock conversion date, (B) the number of shares of the Common
Stock to be issued upon conversion of each share of the Junior Preferred Stock,
(C) the number of shares of the Junior Preferred Stock to be converted, (D) the
place(s) where the certificates representing shares of the Junior Preferred
Stock are to be surrendered for delivery of certificates representing shares of
the Common Stock and (E) that dividends on the shares to be converted will cease
to accumulate on such mandatory conversion date.

         (iv) The final dividend payment with respect to a share of the Junior
Preferred Stock called for mandatory conversion on a date during the period from
the close of business on any Record Date for the payment of dividends to the
close of business on the corresponding Dividend Payment Date shall be payable on
such Dividend Payment Date to the record holder of such share on such Record
Date if such share has been converted after such Record Date and prior to such
Dividend Payment Date. As used herein, the term "Record Date" means not more
than 60 days and not less than 10 days preceding the applicable Dividend Payment
Date, as shall be fixed by the Board of Directors of the Corporation.

                                       7

<PAGE>

         (v) On and after the mandatory conversion date, dividends will cease to
accrue on shares of the Junior Preferred Stock and all rights of holders of such
shares will terminate except for the right to receive the shares of the Common
Stock issuable upon conversion thereof.

         (vi) The Corporation may not authorize or make any mandatory conversion
unless, prior to giving the conversion notice, all accumulated and unpaid
dividends on the Junior Preferred Stock for all Dividend Periods ended prior to
the date of such conversion notice shall have been paid or distributed.

         (b) Optional Conversion. (i) Each share of the Junior Preferred Stock
shall be convertible at any time at the option of the holder thereof into an
equal number of fully paid and nonassessable shares of the Common Stock (plus
the amount of accrued and unpaid dividends and distributions on the converted
Junior Preferred Stock, if any, as calculated in and pursuant to Section
(7)(b)(iii) below), which conversion ratio is subject to adjustment to reflect
stock dividends, subdivisions, combinations or reclassifications of the
outstanding Common Stock.

         (ii) Conversion of shares of the Junior Preferred Stock may be effected
by any holder upon the surrender to the Corporation at the principal office of
the Corporation or at the office of the transfer agent for the Junior Preferred
Stock, as may be designated by the Board of Directors of the Corporation, of the
certificate or certificates for such shares of the Junior Preferred Stock to be
converted accompanied by a written notice stating that such holder elects to
convert all or a specified whole number of such shares in accordance with the
provisions of this Section (7)(b) and specifying the name or names in which such
holder wishes the certificate or certificates for shares of the Common Stock to
be issued. In case such notice shall specify a name or names other than that of
such holder, such notice shall be accompanied by payment of all transfer taxes
payable upon the issuance of shares of the Common Stock in such name or names.
Other than such taxes, the Corporation shall pay any documentary, stamp or
similar issue or transfer taxes that may be payable in respect of any issuance
or delivery of shares of the Common Stock upon conversion of shares of the
Junior Preferred Stock pursuant hereto. As promptly as practicable after the
surrender of such certificate or certificates and the receipt of such notice
relating thereto and, if applicable, payment of all required transfer taxes (or
the demonstration to the satisfaction of the Corporation that such taxes have
been paid), the Corporation shall deliver or cause to be delivered certificates
representing the number of validly issued, fully paid and nonassessable full
shares of the Common Stock to which the holder (or the holder's transferee) of
shares of the Junior Preferred Stock being converted shall be entitled and, if
less than the full number of shares of the Junior Preferred Stock evidenced by
the surrendered certificate or certificates being converted, a new certificate
or certificates, of like tenor, for the number of shares evidenced by such
surrendered certificate or certificates less the number of shares being
converted. Such conversion shall be deemed to have been made at the close of
business on the date of giving such notice and of such surrender of the
certificate or certificates representing the shares of the Junior Preferred
Stock to be converted (unless a subsequent effective time of conversion is
specified in the written notice of conversion, in which case conversion shall be
deemed to have been made at such later specified time, or unless a future
condition precedent is specified in the written notice of conversion, in which
case conversion shall be deemed to have been made upon the occurrence of such
future condition) so that the rights of the holder thereof as to the shares
being converted shall cease except for the right to receive shares of the Common
Stock and accrued and unpaid dividends with respect to the shares of the Junior
Preferred Stock being converted, in each case in accordance herewith, and the
person entitled to receive the shares of the Common Stock shall be treated for
all purposes as having become the record holder of such shares of the Common
Stock at such time.

                                       8

<PAGE>

         (iii) If a holder of shares of the Junior Preferred Stock exercises
conversion rights under subsection (b)(i) above, upon delivery of the shares for
conversion, such shares shall cease to accrue dividends pursuant to Section (3)
as of the end of the day immediately preceding the date of such delivery, but
such shares shall continue to be entitled to receive all accrued dividends which
such holder is entitled to receive through the last preceding Dividend Payment
Date. Any such accrued and unpaid dividends shall be payable by the Corporation
as and when such dividends are paid to any remaining holders, or, if none, on
the date which would have been the next succeeding Dividend Payment Date had
there been remaining holders or such later time at which the Corporation
believes it has adequate available capital under applicable law to make such a
payment.

         (iv) The Corporation shall at all times reserve and keep available,
free from preemptive rights, for issuance upon the conversion of shares of the
Junior Preferred Stock such number of its authorized but unissued shares of the
Common Stock as will from time to time be sufficient to permit the conversion of
all outstanding shares of the Junior Preferred Stock. Prior to the delivery of
any securities which the Corporation shall be obligated to deliver upon
conversion of the Junior Preferred Stock, the Corporation shall comply with all
applicable federal and state laws and regulations which require action to be
taken by the Corporation. All shares of the Common Stock delivered upon
conversion of the Junior Preferred Stock will upon delivery be duly and validly
issued and fully paid and nonassessable, free of all liens and charges and not
subject to any preemptive rights.

         (c) Mergers; Consolidations; Asset Sales. In case any transaction or
event (including, without limitation, any merger, consolidation, tender or
exchange offer, reclassification or compulsory share exchange) shall occur in
which all or substantially all outstanding shares of the Common Stock are
converted into or exchanged for stock, other securities, cash or assets (each, a
"Fundamental Change"), all of the outstanding shares of the Junior Preferred
Stock plus accrued and unpaid dividends and distributions shall automatically be
converted into the greater of (x) an equal number of shares of the Common Stock
plus the amount of accrued and unpaid dividends and distributions on the
converted Junior Preferred Stock, if any, and (y) the number of shares of the
Common Stock equal to the product of (A) a number of shares of the Common Stock
equal to the number of outstanding shares of the Junior Preferred Stock and (B)
a fraction, the numerator of which is $40.00, the denominator of which is the
fair market value of the Common Stock of the Corporation (as determined in good
faith by the Board of Directors of the Corporation immediately prior to the
effective date of such Fundamental Change), plus the amount of accrued and
unpaid dividends and distributions on the Junior Preferred Stock, if any, upon
the consummation of such Fundamental Change (which conversion ratio is subject
to adjustment to reflect stock dividends, subdivisions, combinations or
reclassifications of the outstanding Common Stock) and the holder of each share
of the Junior Preferred Stock outstanding immediately prior to the occurrence of
such Fundamental Change (if any remain outstanding after such Fundamental
Change) shall receive (but only out of legally available funds, to the extent
required by applicable law) the kind and amount of stock, other securities, cash
and assets that such holder would have received if such share had been converted
immediately prior to such Fundamental Change. The Corporation shall comply with
the notice and other requirements set forth in Sections 7 (a) (ii) and (iii) in
connection with any such Fundamental Change.

                                       9

<PAGE>

         (8) Reports. So long as any of the Junior Preferred Stock is
outstanding, the Corporation will furnish the holders thereof with the quarterly
and annual financial reports that the Corporation is required to file with the
Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of
the Securities Exchange Act of 1934 or, in the event the Corporation is not
required to file such reports, reports containing the same information as would
be required in such reports.

         (9) General Provisions. (a) The term "Person" as used herein means any
corporation, limited liability company, partnership, trust, organization,
association, other entity or individual.

         (b) The term "outstanding", when used with reference to shares of
stock, shall mean issued shares, excluding shares held by the Corporation or a
subsidiary.

         (c) The headings of the sections, subsections, paragraphs,
subparagraphs, clauses and subclauses used herein are for convenience of
reference only and shall not define, limit or affect any of the provisions
hereof.

         (d) Each holder of the Junior Preferred Stock, by acceptance thereof,
acknowledges and agrees that any payments of cash dividends on, and repurchase
of, such securities by the Corporation are subject to restrictions on the
Corporation contained in certain credit and financing agreements, including the
indenture dated November 17, 1999 by and between the Corporation and The Bankers
Trust Company with respect to the Corporation's 12 3/4% Senior Subordinated
Notes due 2009.

                                       10

<PAGE>

         IN WITNESS WHEREOF, WRC Media Inc. has caused this Certificate of
Designations to be signed and attested by the undersigned this day of May, 2001.

                                   WRC MEDIA INC.

                                   by
                                       -----------------------------------------
                                       Name:  Charles L. Laurey
                                       Title: Secretary

ATTEST:

-----------------------------------
Name:
Title:

                                       11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]