Document:

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                  SHAREHOLDER AGREEMENT dated as of November 17,
                  1999 (this "Agreement"), among EAC III L.L.C., a
                  Delaware limited liability company (the "Ripplewood
                  Shareholder"), Martin Kenney (the "Executive") and
                  WRC Media Inc. (formerly named "EAC II Inc."), a
                  Delaware corporation (the "Company").

          In consideration of the mutual agreements herein contained, and other
good and valuable consideration the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                    DEFINITIONS, USAGE AND EQUITY INVESTMENT

          SECTION 1.01. DEFINED TERMS. The following terms shall have the
following meanings:

          "Affiliate" means, with respect to any specified Person, any other
Person that directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified
Person. For purposes of this definition, "control" (including, with correlative
meanings, the terms "controlled by" and "under common control with"), as used
with respect to any Person, means the direct or indirect possession of the power
to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by contract or otherwise.

          "Agreement" has the meaning set forth in the preamble to this
Agreement.

          "Board of Directors" means the Board of Directors of the Company.

          "Company" has the meaning set forth in the preamble to this Agreement.

          "Company Common Stock" has the meaning set forth in Section 1.03.

          "Direct Transfer" means a Transfer (without giving effect to the
second sentence of the definition of "Transfer").

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                                                                               2

          "Drag-Along Notice" has the meaning set forth in Section 2.01(f).

          "Employment Agreement" means the Employment Agreement dated as of the
date hereof among the Company, the Ripplewood Shareholder, JLC Learning
Corporation and the Executive.

          "Executive" has the meaning set forth in the preamble to this
agreement.

          "Fair Market Value" means the fair market value of a Share, determined
in accordance with Section 2.01(g).

          "GCL" means the General Corporation Law of the State of Delaware (8
Del. C. Section 101, ET SEQ.), as amended from time to time and any successor
statute thereto.

          "Involuntary Transfer" means any Transfer by the Executive or the
Ripplewood Shareholder of any Shares, or of any beneficial ownership thereof,
upon death, appointment of a guardian, default, foreclosure, forfeit, bankruptcy
(voluntary or involuntary), court order, levy of attachment, execution or
otherwise than voluntarily by the Transferor; PROVIDED that a Transfer required
pursuant to Section 2.01(f) shall not be deemed an Involuntary Transfer.

          "Management Shareholder Agreement" means the Shareholder Agreement
dated as of November   , 1999, among EAC III L.L.C., the Management Shareholders
and the Company.

          "Management Shareholders" has the meaning set forth in the Management
Shareholder Agreement.

          "Permitted Transferee" means, (i) with respect to the Ripplewood
Shareholder, (A) Ripplewood or an Affiliate of Ripplewood, (B) a shareholder,
partner, member or employee of Ripplewood or any Affiliate of Ripplewood or (C)
an employee of the Company or a Subsidiary of the Company and (ii) with respect
to the Executive, (A) the Management Shareholders (B) the Company or (c) the
Executive's spouse or lineal descendants or any trust the beneficiaries of which
include only the Executive's spouse or lineal descendants.

          "Person" means any individual, corporation, partnership, trust,
association, limited liability company, joint venture, joint-stock company or
any other entity or organization, including a government or governmental agency.

          "Preferred Stock" means the 15% Senior Exchangeable Preferred Stock
Due 2011, par value $0.01 per share, of the Company.

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                                                                               3

          "Purchase Agreement" means the Redemption, Stock Purchase and
Recapitalization Agreement dated as of August 13, 1999 between PRIMEDIA Inc., a
Delaware corporation, and the Company, as amended.

          "Ripplewood" means Ripplewood Partners, L.P.

          "Ripplewood Shareholder" has the meaning set forth in the preamble to
this Agreement.

          "Shareholders" means the Ripplewood Shareholder and the Executive.

          "Shares" means the shares of Company Common Stock held by the
Shareholders or the Permitted Transferees.

          "Subsidiary" means, with respect to any specified Person, another
Person, an amount of the voting securities, other voting ownership or voting
partnership interests of which is sufficient to elect at least a majority of its
board of directors or other governing body (or, if there are no such voting
interests, 50% or more of the equity interests of which) is owned directly or
indirectly by such first Person or by another Subsidiary of such first Person.

          "Tag-Along Notice" has the meaning set forth in Section 2.01(e).

          "Third Party Purchaser" means, with respect to any proposed sale of
Shares by the Ripplewood Shareholder or the Executive, a Person, other than an
Affiliate of the Ripplewood Shareholder or the Executive, who offers to purchase
from the Ripplewood Shareholder or the Executive such Shares pursuant to a bona
fide written offer.

          "Transfer" means any transfer, sale, conveyance, assignment, gift,
hypothecation, pledge or other disposition, whether voluntary or by operation of
law, of a Share. Notwithstanding the foregoing, any transfer, sale, conveyance,
assignment, gift, hypothecation, pledge or other disposition, whether voluntary
or by operation of law, of any stock, partnership interest, membership interest
or any other ownership interest in any entity that is a direct or indirect
beneficial or record owner of any Share (including any disposition by means of a
merger, consolidation or similar transaction) or any other transaction that has
the economic effect of a Transfer of a Share (including the designation of any
beneficiary of any trust that is a direct or indirect beneficial or record owner
of any Share) shall be deemed to be a Transfer of such Share by the Shareholder
directly owning such Share.

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          "Transferee" means the transferee in a Transfer.

          "Transferor" means the transferor in a Transfer.

          SECTION 1.02. OTHER DEFINITION PROVISIONS. Wherever required by the
context of this Agreement, the singular shall include the plural, and vice
versa, and the masculine gender shall include the feminine and neuter genders,
and vice versa, and references to any agreement, document or instrument shall be
deemed to refer to such agreement, document or instrument as amended,
supplemented or modified from time to time. When used herein, (i) the word "or"
is not exclusive and (ii) the words "including," "includes," "included" and
"include" are deemed to be followed by the words "without limitation."

          SECTION 1.03. (a) EQUITY INVESTMENT. On the Closing Date, pursuant to
the Employment Agreement, the Executive will purchase from the Company at a
price of $18.60065 per share in cash 16,128 shares of common stock, par value
$0.01 per share ("Company Common Stock"), of the Company.

          (b) VOTING AGREEMENTS. The Executive hereby agrees with the Ripplewood
Shareholder that from and after the date hereof: (a) the Executive shall vote
all of the Shares held by the Executive (including shares acquired after the
date hereof) in the same manner as the Shares held by the Ripplewood Shareholder
are voted on all matters acted upon at any annual or special meeting of
shareholders of the Company or by written consent in lieu of a meeting and (b)
the Executive irrevocably constitutes and appoints the Ripplewood Shareholder
the Executive's proxy to vote all of the Shares held by the Executive in the
same manner as the Shares held by the Ripplewood Shareholder are voted on all
matters acted upon at any annual or special meeting of shareholders of the
Company or by written consent in lieu of a meeting; PROVIDED that this Section
1.03(b) shall be inapplicable with respect to any matters which would both
adversely affect the rights of the Shares held by the Executive and treat the
Executive differently from other holders of shares of Company Common Stock. The
voting agreements and proxies granted pursuant to this Section 1.03(b) are
coupled with an interest and shall be valid for the term of this Agreement. The
Executive represents that the Executive has not granted and is not a party to
any proxy, voting trust or other agreement which in each case is inconsistent
with or conflicts with the provisions of this Agreement, and the Executive shall
not grant any proxy or become a party to any voting trust or

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other agreement which in each case is inconsistent with or conflicts with the
provisions of this Agreement.

          (c) OPTIONS. To the extent permitted by applicable law, the shares of
Company Common Stock to be issued to the Executive upon exercise of the options
granted to the Executive pursuant to the Employment Agreement shall be offered
and sold to the Executive pursuant to the exemption from the registration
requirements of the Securities Act of 1933, as amended (the "Securities Act")
provided for by Rule 701 of the Securities Act ("Rule 701").

                                   ARTICLE II

                        TRANSFERS OF SHARES; TRANSACTIONS
                 BETWEEN RIPPLEWOOD SHAREHOLDER AND THE COMPANY

          SECTION 2.01. TRANSFERS OF THE COMPANY SHARES.

          (a) GENERALLY. (i) Neither the Ripplewood Shareholder nor the
Executive may Transfer all or any portion of its Shares (or any beneficial
ownership thereof) unless (A) such Transfer is in accordance with this Section
2.01, (B) in the case of a Direct Transfer, the Transferee executes and delivers
a counterpart of the signature page of this Agreement (or other appropriate
assumption agreement) in which the Transferee agrees to be bound by the
provisions of this Agreement to the same extent as the Transferor and providing
the address for notices of such Transferee and (C) the Transferee executes and
delivers any other agreements, documents or instruments reasonably specified by
the Board of Directors. Any Transfer made in violation of this Section 2.01(a)
shall be null and void and shall be subject to Section 2.01(d).

          (ii) Whenever a Transfer is to be consummated by any Person on a
specified date under this Section 2.01, such Transfer shall take place at 10:00
a.m. Eastern Time on such date (or, if such date is not a business day, the next
following business day) at the principal office of Ripplewood, presently located
at One Rockefeller Plaza, New York, New York, or at such other time, date and
place as the Company and the parties to such Transfer may agree. The
consideration for such Transfer shall be paid by delivery to the applicable
Transferor of a certified or bank check made payable to such Transferor or by
wire transfer of immediately available funds to a bank account designated by
such Transferor, against due execution and delivery of the agreements, documents
and instruments specified in Section 2.01(a)(i), such other agreements,
documents and

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instruments as the parties to such Transfer may reasonably require including
certificates or other instruments representing the Shares so purchased,
appropriately endorsed by such shareholder of the Company, free and clear of all
security interests, liens, claims, encumbrances, charges, options, restrictions
on transfer, proxies and voting and other agreements of whatever nature other
than those created hereunder.

          (iii) The provisions of this Section 2.01, other than Section 2.01(d),
(e), (f), (g), (h) and (i), shall terminate upon the completion of an initial
public offering of shares of Company Common Stock by the Company and the
termination of any lockup period agreed to with underwriters in connection
therewith.

          (b) TRANSFERS BY THE RIPPLEWOOD SHAREHOLDER. Subject to Section
2.01(a) and, with respect to a Transfer to any Person other than a Permitted
Transferee of the Ripplewood Shareholder, Section 2.01(e), the Ripplewood
Shareholder (and its Permitted Transferees) shall have the right to Transfer at
any time all or any portion of its Shares (including any beneficial ownership
thereof) to any Person without the prior consent of any Person.

          (c) TRANSFERS BY THE EXECUTIVE. (i) Subject to Section 2.01(a), the
Executive (and his Permitted Transferees) shall have the right to Transfer at
any time all or any portion of his Shares (including any beneficial ownership
thereof) to any of his Permitted Transferees without the prior consent of any
Person.

          (ii) The Executive may not Transfer all or any portion of his Shares
(including any beneficial ownership thereof) to any Person other than the
Management Shareholders or the Company except in accordance with Section 2.01(a)
and (A) pursuant to Section 2.01(c)(i), (e) or (f) or (B) with the prior written
consent of the Ripplewood Shareholder.

          (d) INVOLUNTARY AND IMPERMISSIBLE TRANSFERS. If an Involuntary
Transfer or a Transfer in violation of this Agreement shall occur with respect
to the Executive and, in the case of a Transfer in violation of this Agreement,
such violation has not been cured within 30 days after notice to the applicable
Transferor or Transferee, the Company shall give notice to the Ripplewood
Shareholder, offering the Ripplewood Shareholder (or its designee) the right,
exercisable by delivery of written notice to the Transferee with respect to such
Involuntary Transfer or Transfer in violation of this Agreement, within 90 days
following the day on which such notice is given, to purchase all of the Shares

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acquired by such Transferee at a purchase price equal to, in the case of an
Involuntary Transfer, 100% or, in the case of a Transfer in violation of this
Agreement, 90% of the Fair Market Value thereof, determined in accordance with
Section 2.01(g) as of the date of such Transfer (or, if lower, as of the date of
such determination). The closing date of any purchase described in this Section
2.01 shall be on the date specified by the Company that shall not be later than
the 30th day after a determination of the Fair Market Value of the Shares to be
purchased is made. The Ripplewood Shareholder may assign its rights under this
Section 2.01(d) to any person.

          (e) TAG-ALONG RIGHTS. If the Ripplewood Shareholder desires to
Transfer in excess of 5% of its Shares to a prospective Transferee (or
Transferees) other than to a Permitted Transferee of the Ripplewood Shareholder
and, after giving effect to such Transfer, the Ripplewood Shareholder shall have
Transferred in excess of 35% in the aggregate of its Shares to a Transferee (or
Transferees) other than Permitted Transferees of the Ripplewood Shareholder, the
Ripplewood Shareholder shall, as a condition to such Transfer, (i) provide a
notice to the Executive in writing (a "Tag-Along Notice") of the material terms
of the proposed Transfer at least 15 days prior to such Transfer and (ii) permit
the Executive (or cause the Executive to be permitted) to sell (either to the
prospective Transferee of the Ripplewood Shareholder's Shares or to another
financially reputable Transferee reasonably acceptable to the Executive) the
same portion of his respective Shares as that Transferred by the Ripplewood
Shareholder in the aggregate to Transferees other than Permitted Transferees of
the Ripplewood Shareholder (after giving effect to such proposed Transfer) on
the same terms and conditions, subject to the same agreements and at the same
price as the proposed sale by the Ripplewood Shareholder, which sale shall take
place on the date the Ripplewood Shareholder's Shares (or such portion) are
Transferred to such Transferee (or Transferees). The Executive shall have five
days from the date of receipt of a Tag-Along Notice to exercise his right to
sell pursuant to clause (ii) above by delivering written notice to the
Ripplewood Shareholder of his intent to exercise such right. The right of the
Executive to sell pursuant to clause (ii) above shall terminate if not exercised
within such five-day period. If the Executive elects to exercise his right to
sell pursuant to clause (ii) he shall share, on a pro rata basis, the legal,
investment banking and other expenses of the Ripplewood Shareholder incurred in
connection with such Transfer.

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          (f) DRAG-ALONG RIGHTS. If at any time the Ripplewood Shareholder
desires to Transfer all (or any portion in excess of 35%) of its Shares to any
Third Party Purchaser (or Purchasers), the Ripplewood Shareholder shall have the
right to require that the Executive Transfer the same portion of his respective
Shares to such Third Party Purchaser (or Purchasers) on the same terms and
conditions, subject to the same agreements and at the same price as the sale by
the Ripplewood Shareholder. The Ripplewood Shareholder shall provide a notice to
the Executive in writing (a "Drag-Along Notice") of such sale at least 10 days
prior to such Transfer, and the Drag- Along Notice shall identify such Third
Party Purchaser (or Purchasers), all material terms of the sale and the date of
closing. Upon the closing of any sale by the Ripplewood Shareholder of all (or
such portion) of its Shares as described in a Drag-Along Notice, such Third
Party Purchaser (or Purchasers) shall pay to the Executive the consideration
payable to the Executive in connection with such sale of all (or such portion)
of his Shares to such Purchaser (or Purchasers), net of the Executive's
proportionate share of the legal, investment banking and other expenses of the
Ripplewood Shareholder incurred in connection with such sale, and the Shares (or
such portion) of the Executive shall be deemed Transferred to such Third Party
Purchaser (or Purchasers).

          (g) FAIR MARKET VALUE. (i) If a determination of the Fair Market Value
of any shares of Company Common Stock is required by this Agreement when there
is no public trading market for the shares of Company Common Stock, such "Fair
Market Value" shall be such amount as is determined in good faith by the Board
of Directors as of the date such Fair Market Value is required to be determined
hereunder. In making a determination of such Fair Market Value, the Board of
Directors shall give due consideration to such factors as it deems appropriate,
including, without limitation, the earnings and certain other financial and
operating information of the Company and its subsidiaries in recent periods, its
potential value and that of its subsidiaries as a whole, its future prospects
and that of its subsidiaries and the industries in which they compete, its
history and management and that of its subsidiaries, the general condition of
the securities markets and the fair market value of securities of privately
owned companies (with transfer restrictions) engaged in businesses similar to
those of the Company and its subsidiaries, if any. The Fair Market Value, as
determined by the Board of Directors in good faith, shall be binding and
conclusive upon all parties hereto.

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          (ii) If a determination of the Fair Market Value of any shares of
Company Common Stock is required by this Agreement when there is a public
trading market for shares of Company Common Stock, such "Fair Market Value"
shall mean the average daily closing sales price of the shares of Company Common
Stock for the ten consecutive trading days preceding the date the Fair Market
Value of the shares of Company Common Stock is required to be determined
hereunder. The closing price for each day shall be the last reported sales price
regular way or, in case no such reported sale takes place on such day, the
average of the reported closing bid and asked prices regular way, in either case
on the principal national securities exchange on which the shares of Company
Common Stock are listed and admitted to trading, or, if not listed and admitted
to trading on any such exchange, on the NASDAQ National Market System, or, if
not quoted on the National Market System, the average of the closing bid and
asked prices in the over-the-counter market as furnished by any New York Stock
Exchange member firm selected from time to time by the Board of Directors for
that purpose.

                                   ARTICLE III

                    STOCK REGISTRATION; LEGEND; CAPITAL STOCK

          SECTION 3.01. STOCK REGISTRATION. (a) The Executive hereby represents
and warrants to the Ripplewood Shareholder and the Company that:

          (i) The Executive has had access to all information that the
     Executive deemed necessary to adequately evaluate whether to purchase any
     shares of Company Common Stock;

          (ii) The Executive understands that the Company Common Stock has not
     been registered under the Securities Act and shares of Company Common Stock
     will be sold to the Executive in reliance upon an exemption from the
     registration requirements of the Securities Act afforded by Rule 701; and

          (iii) any shares of Company Common Stock acquired by the Executive
     shall be acquired only for the Executive's own account, for investment
     purposes only and not with a view to its resale, distribution or other
     disposition.

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                                                                              10

          (b) The Executive agrees that the Executive will not offer, sell,
transfer, pledge, hypothecate or otherwise dispose of any Shares except:

          (i) pursuant to an exemption from registration under the Securities
     Act, as confirmed in a satisfactory opinion of legal counsel delivered to
     the Company, and in accordance with any applicable laws of any state of the
     United States governing the offer and sale of securities; or

          (ii) pursuant to an effective registration statement under the
     Securities Act (it being understood that the Company, the Ripplewood
     Shareholder and their Affiliates are under no obligation to effect such
     registration) and in accordance with any applicable state laws.

          (c) In the event that the Company files a registration statement on
Form S-8 of the Securities and Exchange Commission, the Company shall, to the
extent permitted by applicable law, include in such registration statement the
shares of Company Common Stock issuable upon exercise of the then unexercised
options that were granted to the Executive pursuant to Section 9 of the
Employment Agreement.

          SECTION 3.02. LEGEND. The Executive agrees that any and all
certificates representing the Executive's Shares will have inscribed
conspicuously on the front or back of such certificates the following legend:
"THE SHARES OF COMMON STOCK, PAR VALUE $0.01 PER SHARE, OF WRC MEDIA INC.
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO ONE OR MORE AGREEMENTS AMONG
SHAREHOLDERS OR AGREEMENTS BETWEEN SHAREHOLDERS AND WRC MEDIA INC. AND MAY NOT
BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE THEREWITH. COPIES OF SUCH
AGREEMENT OR AGREEMENTS MAY BE OBTAINED FROM THE SECRETARY OF WRC MEDIA INC. AT
THE PRINCIPAL EXECUTIVE OFFICES OF RIPPLEWOOD HOLDINGS L.L.C. THESE SHARES HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND MAY NOT BE REOFFERED OR RESOLD, DIRECTLY OR INDIRECTLY,
EXCEPT IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
PURSUANT TO AN EXEMPTION THEREFROM AND IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES."

          SECTION 3.03. CAPITAL STOCK; PRICE. The Company hereby represents and
warrants to the Executive that: the authorized capital stock of the Company will
consist of 20,000,000 shares of Company Common Stock, of which

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6,855,853 shares will be issued and outstanding and 20,000,000 shares of
Preferred Stock, of which 3,000,000 shares will be issued and outstanding.
Immediately after giving effect to the transactions referenced in Section
1.03(a), except for the shares specified in the preceding sentence and shares
reserved for issuance pursuant to options granted to the Executive and to the
Management Shareholders, there will be no shares of capital stock or other
equity securities of the Company issued, reserved for issuance or outstanding.
The purchase price per share for the shares of Company Common Stock being
acquired by the Executive pursuant to the Employment Agreement is the same as
the purchase price per share being paid by the Ripplewood Shareholder and other
Persons who are acquiring shares of Company Common Stock simultaneously with the
Executive.

                                   ARTICLE IV

                            MISCELLANEOUS PROVISIONS

          SECTION 4.01. ENTIRE AGREEMENT. This Agreement sets forth the entire
understanding among the parties relating to the subject matter contained herein
and merges all prior discussions among them. This Agreement is not intended to
confer upon any Person other than the parties hereto any rights or remedies
hereunder.

          SECTION 4.02. AMENDMENTS. This Agreement may not be amended except by
an instrument in writing signed by the Ripplewood Shareholder and the Executive.

          SECTION 4.03. NOTICES. All notices and other communications required
or permitted by this Agreement shall be made in writing and any such notice or
communication shall be deemed delivered when delivered in person, transmitted by
telex or telecopier, confirmation of transmission received, or one business day
after it has been sent by a nationally recognized overnight courier, at the
address or addresses for notices to the recipient designated on Schedule I
attached hereto. Communications by telex or telecopier also shall be sent
concurrently by first class mail or overnight courier, but shall in any event be
effective as stated above. The Ripplewood Shareholder, the Executive or the
Company may from time to time change its address for notices under this Section
4.03 by giving at least five days' notice of such changed address to the other
parties hereto.

          SECTION 4.04. INTERPRETATION. When a reference is made in this
Agreement to a Section, such reference shall be to a Section of this Agreement
unless otherwise indicated.

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                                                                              12

The headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement.

          SECTION 4.05. SEVERABILITY. If any one or more of the provisions
contained in this Agreement or in any document executed in connection herewith
shall be invalid, illegal or unenforceable in any respect under any applicable
law, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired; PROVIDED,
HOWEVER, that in such case the parties hereto shall endeavor to amend or modify
this Agreement to achieve to the extent reasonably practicable the purpose of
the invalid provision.

          SECTION 4.06. GOVERNING LAW. This Agreement and all actions
contemplated hereby shall be governed by, and construed and enforced in
accordance with, the laws of the State of New York (without regard to conflict
of laws principles), except to the extent that the provisions of the GCL may be
mandatorily applicable.

          SECTION 4.07. COUNTERPARTS. This Agreement may be executed in one or
more counterparts, all of which shall be considered one and the same agreement.
This Agreement shall become effective against the Ripplewood Shareholder when
one or more counterparts have been signed by the Ripplewood Shareholder and
delivered to the Executive. This Agreement shall become effective against the
Executive when one or more counterparts have been executed by the Executive and
delivered to the Ripplewood Shareholder.  Each party need not sign the same
counterpart.

          SECTION 4.08. ASSIGNMENT. Except pursuant to Section 2.01(a) and (d),
neither this Agreement nor any of the rights, interests or obligations under
this Agreement shall be assigned, in whole or in part, by the Ripplewood
Shareholder without the prior written consent of the Executive or by the
Executive without the prior written consent of the Ripplewood Shareholder, and
any purported assignment without such consent shall be void. Subject to the
preceding sentences, this Agreement will be binding upon, inure to the benefit
of, and be enforceable by, the parties and their respective successors and
assigns.

          SECTION 4.09. SPECIFIC PERFORMANCE. The parties hereby declare that
irreparable damage would occur as a result of the failure of any party hereto to
perform any of its obligations under this Agreement in accordance with the
specific terms hereof. Therefore, all parties hereto shall have the right to
specific performance of the obligations of

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                                                                              13

the other parties under this Agreement and if any party hereto shall institute
any action or proceeding to enforce the provisions hereof, any Person against
whom such action or proceeding is brought hereby waives the claim or defense
therein that such party has or have an adequate remedy at law exists. The right
to specific performance shall be in addition to any other remedy to which a
party hereto may be entitled at law or in equity.

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the date first above written.

                                       EAC III L.L.C.,

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

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

                                       by /s/ Robert Lynch
                                          ---------------------------
                                          Name: Robert Lynch
                                          Title:

                                       by /s/ Martin E. Kenney
                                          ---------------------------
                                          Martin E. Kenney

                                       WRC MEDIA INC.,

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

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                                                                            13

the other parties under this Agreement and if any party hereto shall institute
any action or proceeding to enforce the provisions hereof, any Person against
whom such action or proceeding is brought hereby waives the claim or defense
therein that such party has or have an adequate remedy at law exists. The right
to specific performance shall be in addition to any other remedy to which a
party hereto may be entitled at law or in equity.

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the date first above written.

                                       EAC III L.L.C.,

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

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

                                       by /s/ Robert Lynch
                                          ---------------------------
                                          Name: Robert Lynch
                                          Title: Treasurer

                                       by
                                          ---------------------------
                                          Martin E. Kenney

                                       WRC MEDIA INC.,

                                       by /s/ Charles Laurey
                                          ---------------------------
                                          Name: Charles Laury
                                          Title: Secretary
<PAGE>

                                                SCHEDULE I

SHAREHOLDER                                  ADDRESS

EAC III L.L.C.                               c/o Ripplewood Holdings L.L.C.
                                             One Rockefeller Plaza, 32nd Floor
                                             New York, New York 10020

                                             Attn:  Mr. Timothy C. Collins
                                                    Mr. Charles L. Laurey
                                             Fax:      (212) 582-4110

                                             with a copy to:

                                             Cravath, Swaine & Moore
                                             Worldwide Plaza
                                             825 Eighth Avenue
                                             New York, New York  10019

                                             Attn:  Peter S. Wilson, Esq.
                                             Fax:   (212) 765-0978

WRC Media Inc.                               c/o Ripplewood Holdings L.L.C.
                                             One Rockefeller Plaza, 32nd Floor
                                             New York, New York 10020

                                             Attn:  Mr. Timothy C. Collins
                                                    Mr. Charles L. Laurey
                                             Fax:      (212) 582-4110

                                             with a copy to:

                                             Cravath, Swaine & Moore
                                             Worldwide Plaza
                                             825 Eighth Avenue
                                             New York, New York  10019

                                             Attn:  Peter S. Wilson, Esq.
                                             Fax:   (212) 765-0978

Martin Kenney                                West Greenlawn Road
                                             Paoli, PA 19301

                                             Fax: (610) 993-8798<PAGE>
                                                                  Exhibit 10.28

                          PREFERRED STOCK AND WARRANTS
                             SUBSCRIPTION AGREEMENT

                                   dated as of

                                November 17, 1999

                                      among

                                 WRC MEDIA INC.

                           WEEKLY READER CORPORATION,

                            JLC LEARNING CORPORATION

                                       and

                             THE BUYERS NAMED HEREIN

                        relating to the purchase and sale

                                       of

                                 Preferred Stock
                                       of
                                 WRC Media Inc.,

                                    Warrants
                                       of
                            Weekly Reader Corporation

                                       and

                                    Warrants
                                       of
                            JLC Learning Corporation

<PAGE>

                                TABLE OF CONTENTS
                                    ---------

<TABLE>
<CAPTION>
                                                                                     PAGE
                                                                                     ----
<S>            <C>                                                                   <C>
                                    ARTICLE 1
                                    ---------
                                   DEFINITIONS
                                   -----------

SECTION 1.01.  DEFINITIONS..............................................................2

                                    ARTICLE 2
                                    ---------
                                PURCHASE AND SALE
                                -----------------

SECTION 2.01.  PURCHASE AND SALE........................................................4
SECTION 2.02.  CLOSING..................................................................4

                                    ARTICLE 3
                                    ---------
                      REPRESENTATIONS AND WARRANTIES OF WRC
                      -------------------------------------

SECTION 3.01.  CORPORATE EXISTENCE AND POWER............................................5
SECTION 3.02.  CORPORATE AUTHORIZATION..................................................5
SECTION 3.03.  GOVERNMENTAL AUTHORIZATION...............................................5
SECTION 3.04.  NONCONTRAVENTION.........................................................6
SECTION 3.05.  CAPITALIZATION AND VOTING RIGHTS OF WRC..................................6
SECTION 3.06.  CAPITALIZATION AND VOTING RIGHTS OF WEEKLY READER........................7
SECTION 3.07.  CAPITALIZATION AND VOTING RIGHTS OF JLC..................................8
SECTION 3.08.  VALID ISSUANCE OF SECURITIES.............................................9
SECTION 3.09.  LITIGATION...............................................................9
SECTION 3.10.  NEWLY FORMED CORPORATION.................................................9
SECTION 3.11.  SHAREHOLDER ARRANGEMENTS.................................................9

                                    ARTICLE 4
                                    ---------
                    REPRESENTATIONS AND WARRANTIES OF BUYERS
                    ----------------------------------------

SECTION 4.01.  EXISTENCE AND POWER.....................................................10
SECTION 4.02.  AUTHORIZATION...........................................................10
SECTION 4.03.  GOVERNMENTAL AUTHORIZATION..............................................10
SECTION 4.04.  PURCHASE FOR INVESTMENT.................................................10
SECTION 4.05.  PRIVATE PLACEMENT.......................................................11
SECTION 4.06.  LITIGATION..............................................................11
SECTION 4.07.  BROKERS OR FINDERS' FEES................................................11

                                    ARTICLE 5
                                    ---------
                              CONDITIONS TO CLOSING
                              ---------------------

SECTION 5.01.  CONDITIONS TO OBLIGATIONS OF THE DLJ BUYERS, EACH OF THE OTHER
         BUYERS AND THE SELLERS........................................................11
SECTION 5.02.  CONDITIONS TO OBLIGATION OF THE DLJ BUYERS AND EACH OF THE OTHER
         BUYERS........................................................................12
SECTION 5.03.  CONDITIONS TO OBLIGATION OF THE SELLERS.................................13

                                        i

<PAGE>

                                    ARTICLE 6
                                    ---------
                            SURVIVAL; INDEMNIFICATION
                            -------------------------

SECTION 6.01.  SURVIVAL................................................................14
SECTION 6.02.  INDEMNIFICATION.........................................................14
SECTION 6.03.  EXCLUSIVITY.............................................................15

                                    ARTICLE 7
                                    ---------
                                   TERMINATION
                                   -----------

SECTION 7.01.  GROUNDS FOR TERMINATION.................................................15
SECTION 7.02.  EFFECT OF TERMINATION...................................................15

                                    ARTICLE 8
                                    ---------
                                  MISCELLANEOUS
                                  -------------

SECTION 8.01.  NOTICES.................................................................16
SECTION 8.02.  CERTAIN WRC COVENANTS...................................................17
SECTION 8.03.  AMENDMENTS AND WAIVERS..................................................17
SECTION 8.04.  EXPENSES; OTHER PAYMENTS................................................18
SECTION 8.05.  SUCCESSORS AND ASSIGNS..................................................18
SECTION 8.06.  GOVERNING LAW...........................................................18
SECTION 8.07.  JURISDICTION............................................................18
SECTION 8.08.  WAIVER OF JURY TRIAL....................................................19
SECTION 8.09.  COUNTERPARTS; THIRD PARTY BENEFICIARIES.................................19
SECTION 8.10.  ENTIRE AGREEMENT........................................................19
SECTION 8.11.  CAPTIONS................................................................19
SECTION 8.12.  SEVERABILITY............................................................19
</TABLE>

                                       ii
<PAGE>

Schedule A        Schedule of Investors
Exhibit A         Certificate of Incorporation of WRC Media Inc.
Exhibit B         Preferred Stock
Exhibit C         Form of Weekly Reader Corporation Warrant
Exhibit D         Form of JLC Learning Corporation Warrant
Exhibit E         Form of Stockholders Agreement

                                       iii
<PAGE>

                          PREFERRED STOCK AND WARRANTS
                             SUBSCRIPTION AGREEMENT

                 AGREEMENT dated as of November 17, 1999 among WRC Media Inc., a
Delaware corporation ("WRC"), Weekly Reader Corporation, a Delaware corporation
("WEEKLY READER"), JLC Learning Corporation, a Delaware corporation ("JLC" and,
collectively with WRC and Weekly Reader, the "SELLERS"), and the Persons named
on Schedule A hereto (each a "BUYER" and collectively, the "BUYERS").

                              W I T N E S S E T H :
WHEREAS, WRC has agreed to acquire (the "PURCHASE") from Primedia Inc., a
Delaware corporation ("PRIMEDIA"), 2,685,670 shares of Common Stock, par value
$.01 per share (the "WR COMMON STOCK"), of Weekly Reader, on the terms and
conditions set forth in the Redemption, Stock Purchase and Recapitalization
Agreement, dated as of August 13, 1999, as amended pursuant to Amendment No. 1
thereto dated as of October 26, 1999 and Amendment No. 2 thereto dated as of
November 10, 1999, between WRC and Primedia (as amended, the "RECAPITALIZATION
AGREEMENT"); WHEREAS, to finance, in part, the payment of the consideration
payable in the Purchase, WRC intends (i) to issue shares of preferred stock, par
value $.01 per share (the "PREFERRED STOCK"), (ii) to cause Weekly Reader to
issue warrants (the "WR WARRANTS") to purchase WR Common Stock and (iii) to
cause JLC to issue warrants (the "JLC WARRANTS" and, together with the WR
Warrants, the "WARRANTS" and, collectively with the Preferred Stock and the WR
Warrants, the "SECURITIES") to purchase common stock, par value $.01 per share
(the "JLC COMMON STOCK"), of JLC.

                 WHEREAS, the Sellers desire to issue and sell the relevant
Securities to each of the Buyers, and each of the Buyers desires to purchase the
relevant Securities from the applicable Seller, upon the terms and subject to
the conditions hereinafter set forth;

                  The parties hereto agree as follows:

                                    ARTICLE 1

                                   DEFINITIONS

                 SECTION 1.01. DEFINITIONS. (a) The following terms, as used
herein, have the following meanings:

                 "AFFILIATE" means, with respect to any Person, any other Person
directly or indirectly controlling, controlled by, or under common control with
such Person.

                 "CLOSING DATE" means the date of the Closing.

                 "COMMON STOCK SUBSCRIPTION AGREEMENTS" mean (i) the Common
Stock Purchase Agreement dated as of the Closing Date between WRC and SGC
Partners II LLC and (ii) the Subscription Agreement dated as of the Closing Date
between WRC and EAC III LLC.

                                        1
<PAGE>

                 "CREDIT AGREEMENT" means the Credit Agreement dated as of the
Closing Date among WRC, Weekly Reader and JLC as borrowers and those certain
lenders listed on the signature pages thereto, together with all schedules,
exhibits and annexes thereto.

                 "DEBT SECURITIES PURCHASE AGREEMENT" means the Purchase
Agreement dated as of the Closing Date among WRC, Weekly Reader, JLC, Donald,
Lufkin & Jenrette Securities Corporation and Banc of America Securities LLC,
together with all schedules, exhibits and annexes thereto and all agreements
contemplated to be executed pursuant thereto.

                 "DLJ BUYERS" means DLJ Merchant Banking Partners II, L.P., DLJ
Merchant Banking Partners II-A, L.P., DLJ Offshore Partners II, C.V., DLJ
Diversified Partners, L.P., DLJ Diversified Partners-A, L.P., DLJ Millennium
Partners, L.P., DLJ Millennium Partners-A, L.P., DLJMB Funding II, Inc., DLJ EAB
Partners, L.P., DLJ First ESC, L.P. and DLJ ESC II, L.P.

                 "LIEN" means, with respect to any property or asset, any
mortgage, lien, pledge, charge, security interest or encumbrance in respect of
such property or asset.

                 "1934 ACT" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

                 "1933 ACT" means the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

                 "OTHER BUYERS" means those Buyers, other than the DLJ Buyers,
listed on the signature pages hereto.

                 "OTHER STOCKHOLDERS AGREEMENTS" means (i) the Shareholder
Agreement dated as of the Closing Date among Primedia Inc., WRC and Weekly
Reader and the (ii) the Amended and Restated Stockholders Agreement dated as of
the Closing Date among SGC Partners II LLC, EAC III L.L.C. and WRC.

                 "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.

                 "STOCKHOLDERS AGREEMENT" means the Preferred Stockholders
Agreement dated as of the Closing Date among the Sellers, EAC III L.L.C.,
Ripplewood Partners, L.P., SGC Partners II LLC, DLJ Merchant Banking Partners
II, L.P., DLJ Merchant Banking Partners II-A, L.P., DLJ Offshore Partners II,
C.V., DLJ Diversified Partners, L.P., DLJ Diversified Partners-A, L.P., DLJ
Millennium Partners, L.P., DLJ Millennium Partners-A, L.P., DLJMB Funding II,
Inc., DLJ EAB Partners, L.P., DLJ First ESC, L.P., DLJ ESC II, L.P. and each of
the Other Buyers.

                 "SUBSIDIARY" means any entity of which securities or other
ownership interests having ordinary voting power to elect a majority of the
board of directors or other persons performing similar functions are, after
giving effect to the transactions contemplated by the Recapitalization
Agreement, directly or indirectly owned by WRC.

                                        2
<PAGE>

                 "TRANSACTION DOCUMENTS" means this Agreement, the
Recapitalization Agreement, the Credit Agreements, the Debt Securities Purchase
Agreement, the Common Stock Subscription Agreements, the Stockholders Agreement,
the Other Stockholders Agreements and the Warrants.

                 (b) Each of the following terms is defined in the Section set
forth opposite such term:

<TABLE>
<CAPTION>
            TERM                                            SECTION
<S>                                                       <C>
            Certificate of Incorporation                   3.05
            Closing                                        2.02
            Damages                                        6.02
            JLC                                           Recitals
            JLC Common Stock                              Recitals
            JLC Preferred Stock                            3.07
            JLC Warrants                                  Recitals
            Preferred Stock                               Recitals
            Primedia                                      Recitals
            Purchase                                      Recitals
            Purchase Price                                 2.01
            Recapitalization Agreement                    Recitals
            Securities                                    Recitals
            Sellers                                       Recitals
            Subsidiary Preferred Shares                    3.08
            Warrants                                      Recitals
            Weekly Reader                                 Recitals
            WRC                                           Recitals
            WRC Common Stock                               3.05
            WR Common Stock                                3.06(a)
            WR Preferred Stock                             3.06
            WR Warrants                                   Recitals
</TABLE>

                                    ARTICLE 2

                                Purchase and Sale

                 SECTION 2.01. PURCHASE AND SALE. Upon the terms and subject to
the conditions of this Agreement, the applicable Seller agrees to issue and sell
to each Buyer and each Buyer agrees, severally and not jointly, to purchase from
the applicable Seller the Securities set forth opposite such Buyer's name on
Schedule A hereto at the Closing; PROVIDED that the Securities to be purchased
by the Other Buyers shall, in the event any Other Buyer does not purchase such
Securities, be purchased PRO RATA by the DLJ Buyers. The purchase price for the
Securities (the "PURCHASE PRICE") is the amount in cash

                                        3
<PAGE>

specified on Schedule A hereto. The Purchase Price shall be paid as provided in
Section 2.02.

                 SECTION 2.02. CLOSING. The closing (the "CLOSING") of the
purchase and sale of the Securities hereunder shall take place at the offices of
Cravath, Swaine & Moore, Worldwide Plaza, 825 Eighth Avenue, New York, New York,
concurrently with the execution of this Agreement, or at such other time or
place as Buyers and the Sellers may agree. At the Closing:

                 (a) Each Buyer shall deliver to WRC, in immediately available
funds, the aggregate Purchase Price set forth opposite such Buyer's name on
Schedule A hereto, by wire transfer (or other means acceptable to WRC) to an
account of WRC with a bank in New York City designated by WRC, by notice to such
Buyer; PROVIDED that, in the event the DLJ Buyers are obligated pursuant to
Section 2.01 to purchase the Securities designated on Schedule A hereto to be
purchased by any Other Buyer, such DLJ Buyers shall deliver to WRC their PRO
RATA portion of the aggregate Purchase Price payable with respect to such
Securities.

                 (b) Each Seller shall deliver, or cause to be delivered, to
each Buyer certificates, or other appropriate documentation, for the relevant
Securities duly registered in the name of such Buyer and bearing appropriate
legends.

                                    ARTICLE 3

                      REPRESENTATIONS AND WARRANTIES OF WRC

                 WRC represents and warrants to each Buyer as of the date hereof
and as of the Closing Date that:

                 SECTION 3.01. CORPORATE EXISTENCE AND POWER. Each Seller 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.

                 SECTION 3.02. CORPORATE AUTHORIZATION. The execution, delivery
and performance by each Seller, as applicable, of each of the relevant
Transaction Documents and the consummation by each Seller, as applicable, of the
transactions contemplated hereby and thereby (including the issuance and sale of
the Securities) are within the corporate powers of such Seller and have been
duly authorized by all necessary corporate action on the part of such Seller.
Each of the Transaction Documents constitutes, or when executed will constitute,
a valid and binding agreement of each Seller, as applicable, enforceable against
such entity 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 or creditors' rights generally or
(ii) as limited by laws relating to the availability of specific performance,
injunctive relief, or other equitable remedies.

                 section 3.03. GOVERNMENTAL AUTHORIZATION. The execution,
delivery and performance by each Seller, as applicable, of each of the
Transaction Documents and the

                                        4
<PAGE>

consummation of the transactions contemplated hereby and thereby 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 to be obtained or made by, or with respect
to, the Seller, except as have been obtained or made (or are not required to be
obtained or made until after the Closing) and except for the filing of the
Certificate of Designation by WRC for the Preferred Stock with the office of the
Secretary of State for the State of Delaware.

                 SECTOPM 3.04. NONCONTRAVENTION. Except as set forth on Schedule
3.04 hereto, the execution, delivery and performance by each Seller, as
applicable, of each of the Transaction Documents and the consummation of the
transactions contemplated hereby and thereby do not and will not (i) violate its
certificate of incorporation or bylaws, (ii) assuming compliance with the
matters referred to in Section 3.03, 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 (except, with
respect to the Transaction Documents other than this Agreement, the Stockholders
Agreement and the Warrants, as would not have a material adverse effect on WRC
and its Subsidiaries taken as a whole) or (iv) result in the creation or
imposition of any material Lien on any of its properties or assets.

                 SECTION 3.05. CAPITALIZATION AND VOTING RIGHTS OF WRC. The
authorized capital stock of WRC consists of 20,000,000 shares of common stock,
par value $.01 per share (the "WRC COMMON STOCK"), and 20,000,000 shares of
Preferred Stock, and the outstanding capital stock of WRC immediately prior to
the Closing will be 1,434,900 shares of WRC Common Stock and no shares of
Preferred Stock. The rights, privileges, preferences, voting powers,
designations and qualifications, limitations and restrictions of the WRC Common
Stock are set forth in the Amended and Restated Certificate of Incorporation
attached hereto as Exhibit A (the "CERTIFICATE OF INCORPORATION") and the
rights, privileges, preferences, voting powers, designations and qualifications,
limitations and restrictions of the Preferred Stock are set forth in the
Certificate of Designation attached hereto as Exhibit B.

                 (b) Immediately following the Closing and after giving effect
to the transactions contemplated by the Recapitalization Agreement, the
outstanding capital stock of WRC will be 6,855,853 shares of WRC Common Stock
and 3,000,000 shares of Preferred Stock.

                 (c) As of the date hereof, EAC III L.L.C. owns 1,034,900
shares of WRC Common Stock representing 67.07% of the outstanding common
stock of WRC and SGC Partners II LLC owns 350,000 shares of WRC representing
22.68% of the outstanding common stock of WRC. Immediately following the
Closing and after giving effect to the transactions contemplated by the
Recapitalization Agreement, (i) EAC III L.L.C. will own 4,848,635 shares of
WRC Common Stock representing 70.7% of the outstanding common stock of WRC,
(ii) SGC Partners II LLC will own 1,694,039 shares of WRC Common Stock
representing 24.7% of the outstanding common stock of WRC, (iii) each
individual listed on Schedule 3.05 (c) hereto will own that number of shares
of WRC Common Stock set forth opposite its name on Schedule 3.05(c) hereto,
representing in the aggregate 107,523 shares of WRC Common Stock and
representing

                                        5
<PAGE>

1.6% of the outstanding common stock of WRC and (iv) 205,656 shares of WRC
Common Stock, representing 3.0% of the outstanding common stock of WRC, will be
held by certain entities purchasing such shares in connection with the
transactions contemplated by the Debt Securities Purchase Agreement.

                 (d) All of the outstanding shares of capital stock of WRC have
been duly authorized and validly issued and are fully paid and non-assessable
and free of any preemptive rights. Except as set forth in this Section 3.05 or
in Schedule 3.05(d) hereto, there are, and immediately after the Closing and
after giving effect to the transactions contemplated by the Recapitalization
Agreement there will be, no outstanding shares of capital stock or voting
securities of WRC, securities of WRC convertible into or exchangeable for shares
of capital stock or voting securities of WRC, options or other rights to acquire
from WRC, or other obligation of WRC to issue, any capital stock, voting
securities or securities convertible into or exchangeable for capital stock or
voting securities of WRC or (iv) other than as expressly permitted in the
Transaction Documents or employment plans, obligations of WRC to 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).

                 SECTION 3.06. CAPITALIZATION AND VOTING RIGHTS OF WEEKLY
READER. After giving effect to the transactions contemplated by the
Recapitalization Agreement, the authorized capital stock of Weekly Reader will
consist of 22,000,000 shares of common stock, of which 20,000,000 shares are
designated "Common Stock", 1,000,000 shares are designated "Class A Non-Voting
Common Stock" and 1,000,000 shares are designated "Class B Non-Voting
(collectively, the "WR COMMON STOCK") and 20,000,000 shares of preferred stock,
par value $.01 per share (the "WR PREFERRED STOCK"), and the outstanding capital
stock of Weekly Reader will be 2,830,000 shares of WR Common Stock and 3,000,000
shares of WR Preferred Stock and there will be outstanding WR Warrants to
purchase 422,874 shares of WR Common Stock. The form of WR Warrant is attached
hereto as Exhibit C.

                 (b) All of the outstanding shares of capital stock of Weekly
Reader have been duly authorized and validly issued and are fully paid and
non-assessable and free of any preemptive rights. Except as set forth in this
Section 3.06 or in Schedule 3.06(b) hereto and after giving effect to the
transactions contemplated by the Recapitalization Agreement, all of the
outstanding capital stock or other voting securities of Weekly Reader will be
owned by WRC, free and clear of any Lien and free of any other limitation or
restriction (including any restriction on the right to vote, sell or otherwise
dispose of such capital stock or other voting securities) and there will be no
outstanding shares of capital stock or voting securities of Weekly Reader,
securities of Weekly Reader convertible into or exchangeable for shares of
capital stock or voting securities of Weekly Reader, options or other rights to
acquire from Weekly Reader, or other obligation of Weekly Reader to issue, any
capital stock, voting securities or securities convertible into or exchangeable
for capital stock or voting securities of Weekly Reader or other than as
expressly permitted in the Transaction Documents, obligation of Weekly Reader to
repurchase or otherwise acquire or retire any shares of capital stock or any
convertible securities, rights or positions of the type described in (i), (ii),
or (iii).

                 SECTION 3.07. CAPITALIZATION AND VOTING RIGHTS OF JLC. (a)
After giving effect to the transactions contemplated by the Recapitalization
Agreement, the authorized capital stock of JLC will consist of 20,000 shares of
JLC Common Stock and

                                        6
<PAGE>

10,000,000 shares of preferred stock, par value $.01 per share (the "JLC
PREFERRED STOCK"), and the outstanding capital stock of JLC will be 10,000
shares of JLC Common Stock and no shares of JLC Preferred Stock and there will
be outstanding JLC Warrants to purchase 1,495 shares of JLC Common Stock. The
form of JLC Warrant is attached hereto as Exhibit D.

                 (b) All of the outstanding shares of capital stock of JLC have
been duly authorized and validly issued and are fully paid and non-assessable.
Except as set forth in this Section 3.07 or in Schedule 3.07(b) and after giving
effect to the transactions contemplated by the Recapitalization Agreement, all
of the outstanding capital stock or other voting securities of JLC will be owned
by WRC, free and clear of any Lien and free of any other limitation or
restriction (including any restriction on the right to vote, sell or otherwise
dispose of such capital stock or other voting securities) and there will be no
outstanding shares of capital stock or voting securities of JLC, securities of
JLC convertible into or exchangeable for shares of capital stock or voting
securities of JLC, options or other rights to acquire from JLC, or other
obligation of JLC to issue, any capital stock, voting securities or securities
convertible into or exchangeable for capital stock or voting securities of JLC
or other than as expressly permitted in the Transaction Documents, obligation of
JLC to repurchase or otherwise acquire or retire any shares of capital stock or
any convertible securities, rights or positions of the type described in (i),
(ii), or (iii).

                 SECTION 3.08. VALID ISSUANCE OF SECURITIES. The shares of
Preferred Stock which are being issued to the Buyers hereunder have been duly
and validly authorized and, when issued, sold and delivered in accordance with
the terms hereof for the consideration expressed herein, will be fully paid and
non-assessable and free of any preemptive rights. The WR Warrants and the JLC
Warrants, when executed and delivered in accordance with the terms hereof for
the consideration set forth herein, will constitute valid and binding
obligations of Weekly Reader and JLC, respectively, enforceable in accordance
with their terms, except (i) as limited by the applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application
affecting enforcement or creditor's rights generally or (ii) as limited by laws
relating to the availability of specific performance, injunctive relief, or
other equitable remedies. The issuance of the Warrant Shares has been duly and
validly authorized and, when issued and sold in accordance with the WR Warrants
or the JLC Warrants, as the case may be, the Warrant Shares will be duly and
validly issued, fully paid and non-assessable and free of preemptive rights. The
issuance of the Subsidiary Preferred Shares has been duly and validly authorized
and, when issued and delivered in accordance with the Stockholders Agreement,
the Subsidiary Preferred Shares will be duly and validly issued, fully paid and
non-assessable and free of any preemptive rights.

                 SECTION 3.09. LITIGATION. There is no action, suit,
investigation or proceeding pending against, or to the knowledge of WRC,
threatened against or affecting any Seller or any of their respective 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 any Transaction Document or which could
reasonably be expected to have a material adverse effect on the business,
financial condition, properties or operations of WRC and its Subsidiaries, taken
as a whole.

                                       7
<PAGE>

                 SECTION 3.10. NEWLY FORMED CORPORATION. WRC was incorporated on
May 14, 1999 in the State of Delaware for the purpose of effectuating the
acquisition of JLC and has not conducted any business or entered into any
agreements or commitments, except with respect to the foregoing and except with
respect to the transactions contemplated by the Transaction Documents.

                 SECTION 3.11. Shareholder Arrangements. Other than the
Stockholders Agreement and the Other Stockholders Agreements, none of WRC,
Weekly Reader or JLC is a party to or bound by any agreement with any of its
stockholders.

                                    ARTICLE 4

                    REPRESENTATIONS AND WARRANTIES OF BUYERS

                 Each Buyer represents and warrants to WRC, severally as to
itself only and not jointly or as to any other Buyer, as of the date hereof and
as of the Closing Date that:

                 SECTION 4.01. EXISTENCE AND POWER. Such Buyer is duly
organized, validly existing and in good standing under the laws of its
jurisdiction of organization and has all powers (corporate, partnership or
otherwise) and all material governmental licenses, authorizations, permits,
consents and approvals required to carry on its business as now conducted.

                 SECTION 4.02. AUTHORIZATION. The execution, delivery and
performance by such Buyer of each of this Agreement and, when executed, the
Stockholders Agreement and the consummation of the transactions contemplated
hereby and thereby are or, when executed, will be within the powers (corporate,
partnership or otherwise) of such Buyer and have been or will have been duly
authorized by all necessary action on the part of such Buyer. This Agreement
constitutes, and the Stockholders Agreement when executed will constitute, a
valid and binding agreement of such Buyer, each enforceable in accordance with
their respective 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 4.03. GOVERNMENTAL AUTHORIZATION. The execution,
delivery and performance by such Buyer of this Agreement and the Stockholders
Agreement and the consummation of the transactions contemplated hereby and
thereby 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 to be obtained or
made by, or with respect to, such Buyer.

                 SECTION 4.04. PURCHASE FOR INVESTMENT. Such Buyer is purchasing
the relevant Securities for investment for its own account and not with a view
to, or for sale in connection with, any distribution thereof.

                 SECTION 4.05. PRIVATE PLACEMENT. (a) Such Buyer understands
that (i) the offering and sale of the Securities hereby is intended to be exempt
from

                                       8
<PAGE>

registration under the 1933 Act and (ii) there is no market or only a limited
market for the relevant Securities, and there can be no assurance that any Buyer
will be able to sell or dispose of the relevant Securities to be purchased by
such Buyer.

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

                 SECTION 4.06. LITIGATION. There is no action, suit,
investigation or proceeding pending against, or to the knowledge of such Buyer
threatened against or affecting, such Buyer 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 the Stockholders Agreement.

                 SECTION 4.07. BROKERS OR FINDERS' FEES. 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 such Buyer who might be
entitled to any fee or commission from any Seller or such Buyer upon
consummation of the transactions contemplated by this Agreement.

                                    ARTICLE 5

                              CONDITIONS TO CLOSING

                 SECTION 5.01. CONDITIONS TO OBLIGATIONS OF THE DLJ BUYERS, EACH
OF THE OTHER BUYERS AND THE SELLERS. The obligations of the DLJ Buyers, each of
the Other Buyers and the Sellers to consummate the Closing are subject to the
satisfaction of the following conditions:

               (a) No provision of any applicable law, rule or regulation and no
          judgment, injunction, order or decree by any governmental entity of
          competent jurisdiction shall prohibit the consummation of the Closing
          or the Purchase.

               (b) All material actions by or in respect of, or filings with,
          any governmental body, agency, official or authority required to
          permit the consummation of the Closing and the Purchase shall have
          been taken, made or obtained.

               (c) The conditions to the consummation of the Recapitalization
          Agreement shall have been satisfied or waived and the Purchase shall
          have been consummated as contemplated by the Recapitalization
          Agreement, with any waiver of material conditions and any other
          material changes having been consented to by DLJ Merchant Banking II,
          Inc., on behalf of the Buyers (such consent not to have been
          unreasonably withheld).

               (d) The conditions to the consummation of the Credit Agreements
          shall have been satisfied or waived and the transactions contemplated
          therein shall have been consummated as contemplated by the Credit
          Agreements, with any waiver of material conditions and any other
          material changes having been consented to by

                                       9
<PAGE>

          DLJ Merchant Banking II, Inc., on behalf of the Buyers (such consent
          not to have been unreasonably withheld).

               (e) The conditions to the consummation of the Debt Securities
          Purchase Agreement shall have been satisfied or waived and the
          transactions contemplated therein shall have been consummated as
          contemplated by the Debt Securities Purchase Agreement, with any
          waiver of material conditions and any other material changes having
          been consented to by DLJ Merchant Banking II, Inc., on behalf of the
          Buyers (such consent not to have been unreasonably withheld).

               (f) The conditions to the consummation of the Common Stock
          Subscription Agreements shall have been satisfied or waived and the
          transactions contemplated therein shall have been consummated as
          contemplated by the Common Stock Subscription Agreements, with any
          waiver of material conditions and any other material changes having
          been consented to by DLJ Merchant Banking II, Inc., on behalf of the
          Buyers (such consent not to have been unreasonably withheld).

               (g) The Certificate of Designation for the Preferred Stock shall
          have been duly filed at the office of the Secretary of State of the
          State of Delaware.

                 SECTION 5.02. CONDITIONS TO OBLIGATION OF THE DLJ BUYERS AND
EACH OF THE OTHER BUYERS. The obligation of the DLJ Buyers and each of the Other
Buyers to consummate the Closing is subject to the satisfaction of the following
further conditions:

               (a) (i) Each Seller shall have performed in all material respects
          all of its obligations hereunder required to be performed by it on or
          prior to the Closing Date and the representations and warranties of
          WRC contained in this Agreement and the representations and warranties
          of each Seller contained in any certificate or other writing delivered
          by such Seller pursuant hereto shall be true in all material respects
          when made and at and as of the Closing Date, as if made at and as of
          such date (it being understood that where any such representation and
          warranty already includes a materiality exception, no further
          materiality exception is to be permitted by this Section 5.02(a)(ii)).

               (b) Such Buyer shall have received all documents it may
          reasonably request relating to the existence of each Seller and the
          authority of each Seller, as applicable, to enter into this Agreement,
          the Credit Agreements, the Debt Securities Purchase Agreement, the
          Common Stock Subscription Agreements, the Warrants, the Stockholders
          Agreement and the Other Stockholders Agreements (including without
          limitation an opinion of counsel to the Sellers), all in form and
          substance reasonably satisfactory to such Buyer.

               (c) Each Seller shall have entered into the Stockholders
          Agreement in the form attached hereto as Exhibit E.

               (d) The Sellers shall have paid in full all costs and expenses,
          including any out-of-pocket expenses, of the DLJ Buyers then due and
          required to be paid by the Sellers pursuant to Section 8.04(a) hereof.

                                       10
<PAGE>

               (e) The board of directors of WRC, Weekly Reader and JLC shall
          each have appointed one designee of the DLJ Buyers as a director
          pursuant to the Stockholders Agreement.

               (f) Since December 31, 1998 there shall have been no material
          adverse change in the business, financial condition or results of
          operation of the Sellers or their respective subsidiaries, taken as a
          whole; PROVIDED that the matters set forth in Schedule 3.05 to the
          Recapitalization Agreement shall not be deemed to constitute a
          material adverse change for purposes of this Agreement.

               (g) Any material changes to the Other Stockholders Agreements
          shall have been consented to by DLJ Merchant Banking II, Inc., on
          behalf of the Buyers (such consent not to have been unreasonably
          withheld).

                 SECTION 5.03. CONDITIONS TO OBLIGATION OF THE SELLERS. The
obligation of the Sellers to consummate the Closing is subject to the
satisfaction of the following further conditions:

               (a) Each Buyer shall have performed in all material respects all
          of its obligations hereunder required to be performed by it at or
          prior to the Closing Date and the representations and warranties of
          each Buyer contained in this Agreement and in any certificate or other
          writing delivered by such Buyer pursuant hereto shall be true in all
          material respects when made and at and as of the Closing Date, as if
          made at and as of such date (it being understood that where any such
          representation and warranty already includes a materiality exception,
          no further materiality exception is to be permitted by this Section
          5.03(a)(II)).

               (b) The Sellers shall have received all documents they may
          reasonably request relating to the existence of each Buyer and the
          authority of such Buyer to enter into this Agreement and the
          Stockholders Agreement, all in form and substance reasonably
          satisfactory to the Sellers.

               (c) Each Buyer shall have entered into the Stockholders Agreement
          in the form attached hereto as Exhibit E.

                 Notwithstanding anything to the contrary contained herein, in
the event that (i) any of the foregoing conditions shall not have been satisfied
solely as result of a breach of such condition by any Other Buyer and (ii) the
DLJ Buyers shall have elected to purchase the Securities that otherwise would
have been purchased by such Other Buyer, such closing condition shall be deemed
to have been satisfied with respect to such Other Buyer in all respects.

                                    ARTICLE 6

                            SURVIVAL; INDEMNIFICATION

                 SECTION 6.01. SURVIVAL. The representations and warranties of
the parties hereto contained in this Agreement or in any certificate delivered
pursuant hereto or in connection herewith shall survive the Closing (for the
purpose of Section 6.02 only.) A breach of any representation or warranty made
in this Agreement shall not affect in any

                                       11
<PAGE>

manner whatsoever the relative rights and obligations of the parties to and
under the Stockholders Agreement.

                 SECTION 6.02. INDEMNIFICATION. WRC hereby indemnifies,
severally and not jointly, each Buyer and its Affiliates, limited partners,
general partners, members, directors, officers and employees against and agrees
to hold each of them harmless from any and all damage, loss, liability and
expense (including, without limitation, reasonable expenses of investigation and
reasonable attorneys' fees and expenses in connection with any action, suit or
proceeding) ("DAMAGES") incurred or suffered by any such party arising out of
any misrepresentation or breach of warranty, covenant or agreement made or to be
performed by any Seller pursuant to this Agreement.

                 (b) Each Buyer hereby indemnifies, severally and not jointly,
each Seller and its Affiliates, limited partners, general partners, members,
directors, officers and employees against and agrees to hold each of them
harmless from any and all Damages incurred or suffered by any such party arising
out of any misrepresentation or breach of warranty, covenant or agreement made
or to be performed by such Buyer pursuant to this Agreement.

                 SECTION 6.03. EXCLUSIVITY. After the Closing, Section 6.02 will
provide the exclusive remedy for any misrepresentation, breach of warranty,
covenant or other agreement or other claim arising out of this Agreement or the
transactions contemplated hereby.

                                    ARTICLE 7

                                   TERMINATION

                 SECTION 7.01. GROUNDS FOR TERMINATION. This Agreement may be
terminated at any time prior to the Closing:

               (a) by mutual written agreement of the Sellers and the DLJ
          Buyers;

               (b) by the Sellers or the DLJ Buyers if the Closing shall not
          have been consummated as of the close of business on the date hereof;
          or

               (c) by the Sellers or any DLJ Buyer if consummation of the
          transactions contemplated hereby would violate any non-appealable
          final order, decree or judgment of any court or governmental body
          having competent jurisdiction.

The party desiring to terminate this Agreement pursuant to Section 7.01(b) or
7.01(c) shall give notice of such termination to the other parties hereto.

                 SECTION 7.02. EFFECT OF TERMINATION. If this Agreement is
terminated as permitted by Section 7.01, such termination shall be without
liability of any party (or any Affiliate, stockholder, general partner, limited
partner, member, director, officer, employee, agent, consultant or
representative of such party) to the other parties to this Agreement; PROVIDED
that if such termination shall result from the willful (i) failure of any party
to fulfill a condition to the performance of the obligations of another party,

                                       12
<PAGE>

(ii) failure to perform a covenant of this Agreement or (iii) breach by any
party hereto of any representation or warranty or agreement contained herein,
such party shall be fully liable for any and all Damages incurred or suffered by
each other party as a result of such failure or breach. The provisions of
Sections 8.04, 8.06, 8.07 and 8.08 shall survive any termination hereof pursuant
to Section 7.01.

                                    ARTICLE 8

                                  MISCELLANEOUS

                 SECTION 8.01. NOTICES. All notices, requests and other
communications to any party hereunder shall be in writing (including facsimile
transmission) and shall be given,

                 if to any Buyer, to such Buyer at the address specified by such
Buyer on the signature pages of this Agreement or in a notice given by such
Buyer to the Sellers for such purpose, with a copy to:

                 Davis Polk & Wardwell
                 450 Lexington Avenue
                 New York, New York  10017
                 Attention: George R. Bason, Jr.
                 Fax:  (212) 450-4800

         if to any Seller, to:

                 WRC Media Inc.
                 c/o Ripplewood Holdings L.L.C.
                 One Rockefeller Plaza, 32nd Floor
                 New York, New York 10020
                 Attention:   Timothy C. Collins
                              Charles L. Laurey
                 Fax:  (212) 218-2719
                       (212) 581-4110

                 with a copy to:

                 Cravath, Swaine & Moore
                 Worldwide Plaza
                 825 Eighth Avenue
                 New York, New York 10019
                 Attention:   Peter S. Wilson
                 Fax:  (212) 765-0978

or to such other address or telecopy number and with such other copies as such
party may hereafter specify for the purpose of notice.

All such notices, requests and other communications shall be deemed received on
the date of receipt by the recipient thereof if received prior to 5 p.m. in the
place of receipt and such day is a business day in the place of receipt.
Otherwise, any such notice, request or

                                       13
<PAGE>

communication shall be deemed not to have been received until the next
succeeding business day in the place of receipt.

                 SECTION 8.02. CERTAIN WRC COVENANTS. WRC will cause Weekly
Reader and JLC to reserve and keep available for issuance (i) upon exercise of
the WR Warrants or the JLC Warrants, as the case may be, the total number of
Warrant Shares (as defined in the applicable Warrant) deliverable upon exercise
of the WR Warrants or the JLC Warrants, as the case may be (including, with
respect to the WRC Warrants, that number of Warrant Shares sufficient to satisfy
the obligation to deliver shares of non-voting WR Common Stock upon an exercise
of the WRC Warrants by the DLJ Buyers and to deliver shares of voting WR Common
Stock upon an exercise of the WRC Warrants by any transferee of any DLJ Buyer
(other than a transferee that is an Affiliate of any DLJ Buyer)), and upon
exercise of the exchange rights set forth in Section 2.10 of the Stockholders
Agreement, the total number of shares of preferred stock of Weekly Reader or
JLC, as the case may be, (collectively, the "SUBSIDIARY PREFERRED SHARES")
deliverable upon exercise of such exchange right.

                 SECTION 8.03. AMENDMENTS AND WAIVERS. Any provision of this
Agreement may be amended or waived if, but only if, such amendment or waiver is
in writing and is signed, in the case of an amendment, by each party to this
Agreement, or in the case of a waiver, by the party against whom the waiver is
to be effective.

                 (b) No failure or delay by any party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

                 SECTION 8.04. EXPENSES; OTHER PAYMENTS. (a) All costs and
expenses incurred in connection with this Agreement shall be paid by the party
incurring such cost or expense; PROVIDED that the Sellers shall pay up to
$350,000 of all reasonable out-of-pocket costs, expenses and other payments,
including without limitation legal payments and disbursements, incurred or made
by the DLJ Buyers in connection with the transactions contemplated by this
Agreement, whether or not consummated.

                 (b) The Sellers shall pay to the DLJ Buyers a fee of $2,770,000
no later than two business days following the consummation of the Purchase if
the Purchase is consummated on or prior to October 26, 2000 and the Securities,
at such aggregate price as in each case is set forth opposite the name of each
Buyer on Schedule A hereto, are not sold to the DLJ Buyers, other than by reason
of any breach by the DLJ Buyers of their obligations hereunder.

                 SECTION 8.0.5 SUCCESSORS AND ASSIGNS. The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns; PROVIDED that no party may assign,
delegate or otherwise transfer any of its rights or obligations under this
Agreement without the consent of each other party hereto.

                 SECTION 8.06. GOVERNING LAW. This Agreement shall be governed
by and construed in accordance with the law of the State of New York, without
regard to the conflict of law rules of such state.

                                       14
<PAGE>

                 SECTION 8.07. JURISDICTION. The parties hereto agree that any
suit, action or proceeding seeking to enforce any provision of, or based on any
matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby may only be brought in the United States District Court for
the Southern District of New York or any New York State court sitting in New
York City, and each of the parties hereby consents to the jurisdiction of such
courts (and of the appropriate appellate courts therefrom) in any such suit,
action or proceeding and irrevocably waives, to the fullest extent permitted by
law, any objection which it may now or hereafter have to the laying of the venue
of any such suit, action or proceeding in any such court or that any such suit,
action or proceeding which is brought in any such court has been brought in an
inconvenient forum. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party agrees that
service of process on such party as provided in Section 8.01 shall be deemed
effective service of process on such party.

                 SECTION 8.08. WAIVER OF JURY TRIAL. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

                 SECTION 8.09. COUNTERPARTS; THIRD PARTY BENEFICIARIES. This
Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument. This Agreement shall become effective when each party
hereto shall have received a counterpart hereof signed by the other party
hereto. No provision of this Agreement shall confer upon any Person other than
the parties hereto any rights or remedies hereunder.

                 SECTION 8.10. ENTIRE AGREEMENT. This Agreement along with the
Stockholders Agreement (including the documents, schedules and exhibits referred
to herein and therein) and, the sixth paragraph and Exhibit C to each of those
certain commitment letters dated July 7, 1999, August 2, 1999 and October 26,
1999, respectively, between DLJ Merchant Banking Partners and Ripplewood
Partners, L.P. constitute the entire agreement between the parties with respect
to the subject matter of this Agreement and supersede all prior agreements and
understandings, both oral and written, between the parties with respect to the
subject matter of this Agreement.

                 SECTION 8.11. CAPTIONS. The captions herein are included for
convenience of reference only and shall be ignored in the construction or
interpretation hereof.

                 SECTION 8.12. SEVERABILITY. If one or more provisions of this
Agreement are held to be unenforceable under applicable law, such provision
shall be excluded from this Agreement and the balance of this Agreement shall be
interpreted as if such provision were so excluded and shall be enforced in
accordance with its terms to the maximum extent permitted by law.

                                       15
<PAGE>

                 IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective authorized officers or
partners as of the day and year first above written.

                                    WRC MEDIA INC.

                                    By: /s/ Charles Lavrey
                                       ----------------------------
                                       Name: Charles Lavrey
                                       Title: Secretary

                                    WEEKLY READER CORPORATION

                                    By: /s/ Charles Lavrey
                                       ----------------------------
                                       Name: Charles Lavrey
                                       Title: Secretary

                                    JLC LEARNING CORPORATION

                                    By: /s/ Charles Lavrey
                                       ----------------------------
                                       Name: Charles Lavrey
                                       Title: Secretary

                                    DLJ MERCHANT BANKING PARTNERS
                                    II, L.P., a Delaware Limited Partnership

                                    By: DL Merchant Banking II, Inc.,
                                    as Managing General Partner

                                    By: /s/ William F. Dawson
                                       ----------------------------
                                       Name: William F. Dawson
                                       Title:

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                       16
<PAGE>

                                    DLJ MERCHANT BANKING PARTNERS
                                    II-A, L.P., a Delaware Limited Partnership

                                    By: DLJ Merchant Banking II, Inc.,
                                    as Managing General Partner

                                    By: /s/ William F. Dawson
                                       ----------------------------
                                       Name: William F. Dawson
                                       Title:

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                             277 Park Avenue
                                             New York, NY 10172

                                    DLJ OFFSHORE PARTNERS II, C.V., a
                                    Netherlands Antilles Limited Partnership

                                    By: DLJ Merchant Banking II, Inc.,
                                    as Advisory  General Partner

                                    By: /s/ David Burgstahler
                                       ----------------------------
                                       Name: David Burgstahler
                                       Title: Attorney-in-fact

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                    DLJ DIVERSIFIED PARTNERS, L.P., a
                                    Delaware Limited Partnership

                                    By: DLJ Diversified Partners, Inc.,
                                    as Managing General Partner

                                    By: /s/ David Burgstahler
                                       ----------------------------
                                       Name: David Burgstahler
                                       Title: Attorney-in-fact

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                       17
<PAGE>

                                    DLJ DIVERSIFIED PARTNERS-A, L.P., a
                                    Delaware Limited Partnership

                                    By: DLJ Diversified Partners, Inc.,
                                    as Managing General Partner

                                    By: /s/ David Burgstahler
                                       ----------------------------
                                       Name: David Burgstahler
                                       Title: Attorney-in-fact

                                    Address:c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                    DLJ MILLENNIUM PARTNERS, L.P., a
                                    Delaware Limited Partnership

                                    By: DLJ Merchant Banking II, Inc.,
                                    as Managing General Partner

                                    By: /s/ William F. Dawson
                                       ----------------------------
                                       Name: William F. Dawson
                                       Title:

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                    DLJ MILLENNIUM PARTNERS-A, L.P.,
                                    a Delaware Limited Partnership

                                    By: DLJ Merchant Banking II, Inc., as
                                    Managing General Partner

                                    By: /s/ William F. Dawson
                                       ----------------------------
                                       Name: William F. Dawson
                                       Title:

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                       18
<PAGE>

                                    DLJMB FUNDING II, INC.,
                                    a Delaware corporation

                                    By: /s/ David Burgstahler
                                       ----------------------------
                                       Name: David Burgstahler
                                       Title: Attorney-in-fact

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                    DLJ FIRST ESC L.P.,
                                    a Delaware Limited Partnership

                                    By: DLJ LBO Plans Management Corporation,
                                    as General Partner

                                    By: /s/ David Burgstahler
                                       ----------------------------
                                       Name: David Burgstahler
                                       Title:

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                    DLJ EAB PARTNERS, L.P.,
                                    a Delaware Limited Partnership

                                    By: DLJ LBO Plans Management Corporation,
                                    as General Partner

                                    By: /s/ David Burgstahler
                                       ----------------------------
                                       Name: David Burgstahler
                                       Title:

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                       19
<PAGE>

                                    DLJ ESC II L.P., a Delaware Limited
                                    Partnership

                                    By: DLJ LBO Plans Management Corporation, as
                                    General Partner

                                    By: /s/ David Burgstahler
                                       ----------------------------
                                       Name:  David Burgstahler
                                       Title: Attorney-in-fact

                                    Address: c/o DLJ Merchant Banking II, Inc.
                                    277 Park Avenue
                                    New York, NY 10172

                                    ARES LEVERAGED INVESTMENT FUND, L.P., a
                                    Delaware Limited Partnership

                                    By: ARES MANAGEMENT L.P.,
                                    its General Partner

                                    By: /s/ Eric Beckman
                                       ----------------------------
                                       Name: Eric Beckman
                                       Title: Vice President

                                    Address: c/o Eric Beckman
                                    Ares Leveraged Investment Fund, L.P.
                                    1999 Avenue of the Stars
                                    Suite 1900
                                    Los Angeles, CA 90067

                                    ARES LEVERAGED INVESTMENT FUND II, L.P.,
                                    a Delaware Limited PartnershipBy: ARES
                                    MANAGEMENT II, L.P., its General Partner

                                    By: /s/ Eric Beckman
                                       ----------------------------
                                       Name: Eric Beckman
                                       Title:

                                    Address: c/o Eric Beckman
                                    Ares Leveraged Investment Fund II, L.P.
                                    1999 Avenue of the Stars
                                    Suite 1900
                                    Los Angeles, CA 90067

                                       20
<PAGE>

                                    TCW LEVERAGED INCOME TRUST, L.P., a
                                    Delaware Limited Partnership

                                    By: TCW INVESTMENT MANAGEMENT
                                    COMPANY, as Investment Advisor

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

                                    By: TCW ADVISORS (Bermuda), LTD., as
                                    General Partner

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

                                    Address: c/o TCW/Crescent Mezzanine, LLC
                                    11100 Santa Monica Boulevard
                                    Suite 2000
                                    Los Angeles, CA 90025

                                    TCW LEVERAGED INCOME TRUST II, L.P., a
                                    Delaware Limited Partnership

                                    By: TCW (LINCII), L.P., as General Partner

                                    By: TCW ADVISORS (Bermuda), LTD., as
                                             General Partner

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

                                    By: TCW INVESTMENT MANAGEMENT
                                    COMPANY, as Investment Advisor

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

                                    Address: c/o TCW/Crescent Mezzanine, LLC
                                    11100 Santa Monica Boulevard
                                    Suite 2000

                                       21

<PAGE>

                                    Los Angeles, CA 90025

                                    TCW SHARED OPPORTUNITY FUND III, L.P., a
                                    Delaware Limited Partnership

                                    By: TCW ASSET MANAGEMENT
                                    COMPANY, as Investment Advisor

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

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

                                    Address: c/o TCW/Crescent Mezzanine, LLC
                                             11100 Santa Monica Boulevard
                                             Suite 2000
                                             Los Angeles, CA 90025

                                    SHARED OPPORTUNITY FUND IIB, LLC,
                                    a Delaware Limited Liability Company

                                    By: TCW ASSET MANAGEMENT COMPANY,
                                    as Investment Advisor

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

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

                                    Address: c/o TCW/Crescent Mezzanine, LLC
                                    11100 Santa Monica Boulevard
                                    Suite 2000
                                    Los Angeles, CA 9002

                                       22

<PAGE>

                                    TCW/CRESCENT MEZZANINE PARTNERS
                                    II, L.P., a Delaware Limited Partnership

                                    TCW/CRESCENT MEZZANINE TRUST II

                                    By:   TCW/CRESCENT MEZZANINE II, L.P,
                                    its General Partner or managing owner

                                    By:   TCW/CRESCENT MEZZANINE L.L.C.,
                                     its General Partner

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

                                    Address: c/o TCW/Crescent Mezzanine, LLC
                                    11100 Santa Monica Boulevard
                                    Suite 2000
                                    Los Angeles, CA 90025

                                    THE NORTHWESTERN MUTUAL LIFE
                                    INSURANCE COMPANY

                                    By: /s/ Richard A. Strait
                                       ----------------------------
                                       Name: Richard A. Strait
                                       Title:

                                    Address:The Northwestern Mutual Life
                                           Insurance
                                                Company
                                    720 East Wisconsin Avenue
                                    Milwaukee, WI  53202
                                    Attention: Securities Department

                                       23

<PAGE>

                                   SCHEDULE A

<TABLE>
<CAPTION>
                                                                                                           PURCHASE PRICE
                                                     NO. OF        PURCHASE PRICE FOR     NO. OF WR            FOR WR
INVESTOR                                        PREFERRED SHARES    PREFERRED SHARES      WARRANTS            WARRANTS
<S>                                             <C>                <C>                    <C>              <C>
DLJ Merchant Banking Partners II, L.P.             1,133,865          $23,903,490.11       159,828         $3,451,917.20

DLJ Merchant Banking Partners II-A, L.P.              45,156              951,151.48         6,365            137,469.36

DLJ Offshore Partners II, C.V.                        55,758            1,175,156.58         7,860            169,757.92

DLJ Diversified Partners, L.P.                        66,291            1,397,674.25         9,344            201,808.91

DLJ Diversified Partners-A, L.P.                      24,618              519,490.76         3,470             74,944.02

DLJMB Funding II, Inc.                               631,312           13,310,965.72        88,988          1,921,936.12

DLJ Millennium Partners, L.P.                         18,333              386,755.13         2,584             55,808.46

DLJ Millennium Partners-A, L.P.                        3,576               75,012.22           504             10,885.24

DLJ EAB Partners, L.P.                                 5,091              106,514.05           718             15,507.15

DLJ ESC II, L.P.                                     213,818            4,507,109.64        30,140            650,954.68

DLJ First ESC, L.P.                                    2,182               46,146.64           308              6,652.09

TCW/Crescent Mezzanine Partners II, L.P.             193,174            4,073,101.30        27,231            588,126.97

TCW/Crescent Mezzanine Trust II                       46,826              987,826.02         6,600            142,544.82

TCW Leveraged Income Trust, L.P.                      40,000              843,206.81         5,638            121,767.83

TCW Leveraged Income Trust II, L.P.                   40,000              843,206.81         5,638            121,767.83

Shared Opportunity Fund IIB, L.L.C.                   13,333              280,484.04         1,879             40,582.08

TCW Shared Opportunity Fund III, L.P.                 66,667            1,405,929.57         9,397            202,953.59

Ares Leveraged Investment Fund, L.P.                 100,000            2,109,768.29        14,095            304,419.58

Ares Leveraged Investment Fund II, L.P.              100,000            2,107,995.42        14,096            304,441.18

<CAPTION>
                                                                        PURCHASE
                                                                         PRICE
                                                     NO. OF JLC         FOR JLC             AGGREGATE
INVESTOR                                              WARRANTS          WARRANTS          PURCHASE PRICE
<S>                                                     <C>            <C>                 <C>
DLJ Merchant Banking Partners II, L.P.                  566            $991,217.69         $28,346,625.00

DLJ Merchant Banking Partners II-A, L.P.                 23              40,279.16           1,128,900.00

DLJ Offshore Partners II, C.V.                           28              49,035.50           1,393,950.00

DLJ Diversified Partners, L.P.                           33              57,791.84           1,657,275.00

DLJ Diversified Partners-A, L.P.                         12              21,015.22             615,450.00

DLJMB Funding II, Inc.                                  314             549,898.16          15,782,800.00

DLJ Millennium Partners, L.P.                             9              15,761.41             458,325.00

DLJ Millennium Partners-A, L.P.                           2               3,502.54              89,400.00

DLJ EAB Partners, L.P.                                    3               5,253.80             127,275.00

DLJ ESC II, L.P.                                        107             187,385.68           5,345,450.00

DLJ First ESC, L.P.                                       1               1,751.27              54,550.00

TCW/Crescent Mezzanine Partners II, L.P.                 96             168,121.73           4,829,350.00

TCW/Crescent Mezzanine Trust II                          23              40,279.16           1,170,650.00

TCW Leveraged Income Trust, L.P.                         20              35,025.36           1,000,000.00

TCW Leveraged Income Trust II, L.P.                      20              35,025.36           1,000,000.00

Shared Opportunity Fund IIB, L.L.C.                       7              12,258.88             333,325.00

TCW Shared Opportunity Fund III, L.P.                    33              57,791.84           1,666,675.00

Ares Leveraged Investment Fund, L.P.                     49              85,812.13           2,500,000.00

Ares Leveraged Investment Fund II, L.P.                  50              87,563.40           2,500,000.00

                                       24
<PAGE>

<CAPTION>
                                                                                                           PURCHASE PRICE
                                                     NO. OF        PURCHASE PRICE FOR     NO. OF WR            FOR WR
INVESTOR                                        PREFERRED SHARES    PREFERRED SHARES      WARRANTS            WARRANTS
<S>                                             <C>                <C>                    <C>              <C>
Northwestern Mutual Life Insurance
Company                                              200,000            4,217,763.71        28,191            608,860.76
Total                                              3,000,000           63,248,748.55       422,874          9,133,105.79

<CAPTION>
                                                                        PURCHASE
                                                                         PRICE
                                                     NO. OF JLC         FOR JLC             AGGREGATE
INVESTOR                                              WARRANTS          WARRANTS          PURCHASE PRICE
<S>                                                     <C>            <C>                 <C>
Northwestern Mutual Life Insurance
Company                                                  99             173,375.53           5,000,000.00
Total                                                 1,495           2,618,145.66          75,000,000.00
</TABLE>

                                       25

<PAGE>

                                    EXHIBIT B
                                 Preferred Stock

                    CERTIFICATE OF DESIGNATIONS, PREFERENCES
                            AND RIGHTS OF 15% SENIOR
                            PREFERRED STOCK DUE 2011

                                       of

                                 WRC MEDIA INC.

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

                 We, the undersigned, [           ], President, and
[           ], Secretary, of WRC Media Inc., a Delaware corporation (hereinafter
called 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 duly adopted the following
resolution:

                 RESOLVED, that, pursuant to Article IV of the Amended and
Restated Certificate of Incorporation (which authorizes 20,000,000 shares of
preferred stock, par value $0.01 per share ("PREFERRED STOCK"), of which no
shares of Preferred Stock are currently issued and outstanding), the Board of
Directors 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. 6,400,000 shares of the Preferred Stock
of the Corporation shall be designated as 15% Senior Preferred Stock Due 2011
(the "SENIOR PREFERRED STOCK").

                 (2) RANK. The Senior Preferred Stock shall, with respect to
dividend rights and rights on liquidation, dissolution and winding up, rank
prior to all classes of or series of common stock of the Corporation, including
the Corporation's common stock, par value $.01 per share ("COMMON STOCK"), and
each other class of capital stock of the Corporation, the terms of which do not
expressly provide that such class shall rank senior to, or on a parity with, the
Senior Preferred Stock or the terms of which do not specify any rank relative to
the Senior Preferred Stock. All capital stock of the Corporation to which the
Senior Preferred Stock ranks prior (whether with respect to dividends or upon
liquidation, dissolution, winding up or otherwise), including the Common Stock,

                                        1

<PAGE>

are collectively referred to herein as the "JUNIOR SECURITIES." All capital
stock of the Corporation with which the Senior Preferred Stock ranks on a parity
(whether with respect to dividends or upon liquidation, dissolution or winding
up) are collectively referred to herein as the "PARITY SECURITIES." The
respective definitions of Junior Securities and Parity Securities shall also
include any rights or options exercisable for or convertible into any of the
Junior Securities and Parity Securities, as the case may be.

                 (3) DIVIDENDS. (a) (i) The holders of shares of Senior
Preferred Stock shall be entitled to receive, when, as and if declared by the
Board of Directors, out of funds legally available for the payment of dividends,
dividends (subject to Sections 3(a)(ii) and (iii)) at a rate equal to (the
"DIVIDEND RATE") (1) 15% per annum (computed on the basis of a 360 day year) or
(2), if (A) any Registration Statement is not filed with the Securities and
Exchange Commission (the "COMMISSION") on or prior to the applicable Filing
Deadline, (B) any such Registration Statement has not been declared effective by
the Commission on or prior to the applicable Effectiveness Target Date, (C) the
Exchange Offer has not been Consummated on or prior to the Consummation Deadline
or (D) any Registration Statement is declared effective but shall thereafter
cease to be effective or fail to be usable for its intended purpose without
being succeeded within 2 days by a post-effective amendment to such Registration
Statement that cures such failure and that is itself declared effective within 5
days of filing such post-effective amendment to such Registration Statement
(each such event referred to in clauses (A) through (D), (a "REGISTRATION
DEFAULT"), 15.5% per annum (computed on the basis of a 360 day year) for each
week or portion thereof that the Registration Default continues. Notwithstanding
anything to the contrary set forth herein, (1) upon filing of the Exchange Offer
Registration Statement (and/or, if applicable, the Shelf Registration
Statement), in the case of (A) above, (2) upon the effectiveness of the Exchange
Offer Registration Statement (and/or, if applicable, the Shelf Registration
Statement), in the case of (B) above, (3) upon Consummation of the Exchange
Offer, in the case of (C) above, or (4) upon the filing of a post-effective
amendment to the Registration Statement or an additional Registration Statement
that causes the Exchange Offer Registration Statement (and/or, if applicable,
the Shelf Registration Statement) to again be declared effective or made usable
in the case of (D) above, the Dividend Rate shall return to 15% (before giving
effect to any applicable Default Dividend). In the event the Corporation is
unable or shall fail to discharge its obligation to redeem all outstanding
shares of Senior Preferred Stock pursuant to Section 5(b) or 5(c), the Dividend
Rate as provided above shall increase by .50% per quarter (each, a "DEFAULT
DIVIDEND") for each quarter or portion thereof following the date on which such
redemption was required to be made until cured, PROVIDED that the aggregate
increase shall not exceed 10%. Such dividends shall be payable in the manner set
forth below in Sections 3(a)(ii) and (iii) 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 in any Dividend Period or Periods there shall be funds of the Corporation
legally available for the payment of such dividends.

                                       2
<PAGE>

                 "CONSUMMATE" means, with respect to an Exchange Offer, the
occurrence of (a) the filing and effectiveness under the Act of the Exchange
Offer Registration Statement relating to the New Preferred Stock to be issued in
the Exchange Offer, (b) the maintenance of such Exchange Offer Registration
Statement continuously effective and the keeping of the Exchange Offer open for
a period not less than the period required pursuant to Article V of the
Shareholders Agreement and (c) the delivery by the Corporation of New Preferred
Stock with the same liquidation value as the Liquidation Value of the Senior
Preferred Stock tendered by holders thereof pursuant to the Exchange Offer.

                 "EFFECTIVENESS TARGET DATE" shall have the meaning ascribed
such term in the Shareholders Agreement.

                 "EXCHANGE OFFER" shall have the meaning ascribed such term in
the Shareholders Agreement.

                 "EXCHANGE OFFER REGISTRATION STATEMENT" shall have the meaning
ascribed such term in the Shareholders Agreement.

                 "FILING DEADLINE" shall have the meaning ascribed such term in
the Shareholders Agreement.

                 "NEW PREFERRED STOCK" means the Corporation's new Senior
Preferred Stock Due 2011, of identical type and having identical terms as the
Senior Preferred Stock, to be issued (i) in the Exchange Offer or (ii) as
contemplated by Article V of the Shareholders Agreement.

                 "REGISTRATION STATEMENT" means any registration statement of
the Corporation relating to (a) an offering of New Preferred Stock pursuant to
an Exchange Offer or (b) the registration for resale of Transfer Restricted
Securities pursuant to the Shelf Registration Statement, in each case, (i) that
is filed pursuant hereto and (ii) including the prospectus included therein, all
amendments and supplements thereto (including post-effective amendments) and all
exhibits and material incorporated by reference therein.

                 "SHELF REGISTRATION STATEMENT" shall have the meaning ascribed
such term in the Shareholders Agreement.

                 "SHAREHOLDERS AGREEMENT" means the Preferred Stockholders
Agreement dated as of November 17, 1999 among the Corporation, Weekly Reader
Corporation, JLC Learning Corporation, EAC III LLC, SGC Partners II LLC, DLJ
Merchant Banking Partners II, L.P., DLJ Merchant Banking Partners II-A, L.P.,
DLJ Offshore Partners II, C.V., DLJ Diversified Partners, L.P., DLJ Diversified
Partners-A, L.P., DLJ Millennium Partners, L.P., DLJ Millennium Partners-A,
L.P., DLJMB Funding II, Inc., DLJ EAB Partners, L.P., DLJ First ESC, L.P., DLJ
ESC II, L.P. and the other parties listed on the signature pages thereto.

                 "TRANSFER RESTRICTED SECURITIES" means each share of Senior
Preferred Stock, until the earliest to occur of (i) the date on which such
Senior Preferred Stock is exchanged in the Exchange Offer for a share of New
Preferred

                                       3
<PAGE>

Stock which is entitled to be resold to the public by the holder thereof without
complying with the prospectus delivery requirements of the Act, (ii) the date on
which such share of Senior Preferred Stock has been disposed of in accordance
with a Shelf Registration Statement (and the purchasers thereof have been issued
New Preferred Stock), or (iii) the date on which such Senior Preferred Stock is
distributed to the public pursuant to Rule 144 under the Securities Act of 1933,
as amended (the "ACT").

          (ii) Prior to the first Dividend Payment Date after the fifth
     anniversary of the issuance of the Senior Preferred Stock (or such earlier
     Dividend Payment Date as the Corporation shall elect) (either such date
     being referred to as the "CASH PAY DATE"), dividends shall not be payable
     in cash to holders of shares of Senior Preferred Stock but shall, subject
     to Section 3(b), accrete to the Liquidation Value in accordance with
     Section 4(a).

          (iii) Following the Cash Pay Date, each such dividend shall be payable
     in cash on the Liquidation Value per share of the Senior Preferred Stock,
     in equal quarterly amounts (to which the Default Dividend, if any, shall be
     added), to the holders of record of shares of the Senior Preferred Stock,
     as they appear on the stock records of the Corporation at the close of
     business on such record dates, not more than 60 days or less than 10 days
     preceding the payment dates thereof, as shall be fixed by the Board of
     Directors. Following the Cash Pay Date, accrued and unpaid dividends for
     any past Dividend Periods may be declared and paid at any time, without
     reference to any Dividend Payment Date, to holders of record on such date,
     not more than 45 days preceding the payment date thereof, as may be fixed
     by the Board of Directors.

                 (b) At the written request of the holders of a majority of the
shares of Senior Preferred Stock, the Corporation shall, commencing on the first
Dividend Payment Date after such request and ending on the Cash Pay Date, be
required to pay all dividends on shares of Senior Preferred Stock by the
issuance of additional shares of Senior Preferred Stock ("ADDITIONAL SHARES").
The Additional Shares shall be identical to all other shares of Senior Preferred
Stock, except as set forth in Section 4. For the purposes of determining the
number of Additional Shares to be issued as dividends pursuant to this Section
3(b), such Additional Shares shall be valued at their Applicable Liquidation
Value as provided in Section 4(c).

                 (c) Holders of shares of Senior Preferred Stock shall not be
entitled to any dividends, whether payable in cash, property or stock, in excess
of the cumulative dividends, as herein provided, on the Senior Preferred Stock.
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
Senior Preferred Stock that may be in arrears.

                 (d) So long as any shares of the Senior Preferred Stock are
outstanding, no dividends, except as described in the next succeeding sentence,
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,

                                       4
<PAGE>

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 Senior 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 Senior 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. When (to the extent such
dividends are payable in cash) dividends on the Senior 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 Senior 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 Senior
Preferred Stock and accumulated and unpaid on such Parity Securities.

                 (e) So long as any shares of the Senior 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 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 on all outstanding shares of the
Senior 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 Senior 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
dividend for the current Dividend Period with respect to the Senior Preferred
Stock and the current dividend period with respect to such Parity Securities.

                 (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
Junior Securities, the holders of the shares of Senior Preferred Stock shall be
entitled to receive an amount equal to the Liquidation Value of such share plus
any accrued and unpaid cash dividends to the date of distribution. "LIQUIDATION
VALUE" on any date means, with respect to (x) any share of Senior Preferred
Stock other than any Additional Shares, the sum of (1) $25.00 per share and (2)
the aggregate of all dividends accreted on such share until the most recent
Dividend Payment Date upon which an accretion to Liquidation Value has

                                       5
<PAGE>

occurred (or if such date is a Dividend Payment Date upon which an accretion to
Liquidation Value has occurred, such date), PROVIDED that in the event of an
actual liquidation, dissolution or winding up of the Corporation or the
redemption of any shares of Senior Preferred Stock pursuant to Section 5
hereunder, the amount referred to in (2) shall be calculated by including
dividends accreting to the actual date of such liquidation, dissolution or
winding up or the redemption date, as the case may be, rather than the Dividend
Payment Date referred to above and, PROVIDED FURTHER that in no event will
dividends accrete beyond the earlier of (i) the Cash Pay Date and (ii) the most
recent Dividend Payment Date prior to the Dividend Payment Date on which
dividends on the Senior Preferred Stock are payable in Additional Shares (except
that in the event of an actual liquidation, dissolution or winding up of the
Corporation or the redemption of any shares of Senior Preferred Stock pursuant
to Section 5 hereunder, the amount referred to in (ii) shall be calculated by
including dividends accreting to the actual date of such liquidation,
dissolution or winding up or the redemption date, as the case may be), and (y)
any Additional Share, the Applicable Liquidation Value. All accretions to
Liquidation Value will be calculated using compounding on a quarterly basis.
Except as provided in the preceding sentences, holders of shares of Senior
Preferred Stock shall not be entitled to any distribution in the event of
liquidation, dissolution or winding up of the affairs of the Corporation. 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 Senior 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 Senior Preferred Stock and any such other Parity Securities
ratably in accordance with the respective amounts that would be payable on such
shares of Senior Preferred Stock and any such other stock if all amounts payable
thereon were paid in full. 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.

                 (b) Subject to the rights of the holders of any Parity
Securities, after payment shall have been made in full to the holders of the
Senior Preferred Stock, as provided in this Section (4), any other series or
class or classes of Junior Securities shall, subject to the respective terms and
provisions (if any) applying thereto, be entitled to receive any and all assets
remaining to be paid or distributed, and the holders of the Senior Preferred
Stock shall not be entitled to share therein.

                 (c) The Applicable Liquidation Value of any Additional Shares
shall be the Liquidation Value of Senior Preferred Stock outstanding immediately
prior to the first Dividend Payment Date occurring after a request for payment
in Additional Shares has been made in accordance with Section 3(b).

                 (5) REDEMPTION. (a) REDEMPTION AT THE OPTION OF THE
CORPORATION. On and after November 17, 1999 (but not including from November 17,
2002 to November 17, 2004), to the extent the Corporation shall have funds
legally available for such payment, the Corporation may, at its option, redeem
shares of Senior Preferred Stock, in whole but not in part, at redemption prices
per share in

                                       6
<PAGE>

cash set forth in the table below, together with accrued and unpaid cash
dividends thereon to the date fixed for redemption, without interest:

<TABLE>
<CAPTION>
          YEAR BEGINNING
           NOVEMBER 17                    PERCENTAGE OF LIQUIDATION VALUE
<S>                                       <C>
               1999                                  115.000%
               2000                                   115.000
               2001                                   115.000
               2002                               Not applicable
               2003                               Not applicable
               2004                                   107.500
               2005                                   105.625
               2006                                   103.750
               2007                                   101.875
               2008                                   100.000
</TABLE>

                 (b) REDEMPTION IN THE EVENT OF A CHANGE OF CONTROL. In the
event of a Change of Control, the Corporation shall, to the extent it shall have
funds legally available for such payment and to the extent permitted pursuant to
the Indenture, offer to redeem all of the shares of Senior Preferred Stock then
outstanding, and shall redeem the shares of Senior Preferred Stock of any holder
of such shares that shall consent to such redemption, upon a date no later than
30 days (or, if a later date is required in order to comply with the federal
securities laws, the first date thereafter on which such redemption is permitted
under the federal securities laws) (such date being referred to as the "CHANGE
OF CONTROL REDEMPTION DATE") following the Change in Control, at a redemption
price per share in cash set forth in the table below, together with accrued and
unpaid cash dividends thereon to the date fixed for redemption, without
interest.

<TABLE>
<CAPTION>
          YEAR BEGINNING
           NOVEMBER 17                    PERCENTAGE OF LIQUIDATION VALUE
<S>                                       <C>
               1999                                 107.5000%
               2000                                  107.5000
               2001                                  107.5000
               2002                                  100.0000
               2003                                  100.0000
               2004                                  103.7500
               2005                                  102.8125
               2006                                  101.8750
               2007                                  100.9375
               2008                                  100.0000
</TABLE>

                                       7
<PAGE>

                 "CHANGE OF CONTROL" means the occurrence of any of the
following (i) the direct or indirect sale, transfer or other disposition (other
than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties or assets of the
Corporation and its Subsidiaries (other than JLC Learning Corporation) taken as
a whole to any "person" or "group" (within the meaning of Sections 13(d) and
14(d)(2) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE
ACT")) other than a Principal or a Related Party; (ii) the adoption of a plan of
liquidation or dissolution of the Corporation or Weekly Reader Corporation;
(iii) the consummation of any transaction (including without limitation any
merger or consolidation) the result of which is that any "person" or "group" (as
defined above), other than a Principal or a Related Party, becomes the
Beneficial Owner, directly or indirectly of more than 50% of the Voting Stock of
either of the Corporation or Weekly Reader Corporation, measured by voting power
rather than number of shares; or (iv) the first day on which a majority of the
members of the board of directors of the Corporation or Weekly Reader are not
Continuing Directors.

                 "BENEFICIAL OWNER" has the meaning assigned to such term in
Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the
beneficial ownership of any particular "person" (as that term is used in Section
13(d)(3) of the Exchange Act), such "person" shall be deemed to have beneficial
ownership of all securities that such "person" has the right to acquire by
conversion or exercise of other securities, whether such right is currently
exercisable or is exercisable only upon the occurrence of a subsequent
condition. "CONTINUING DIRECTORS" means, as of the date of any determination,
any member of the board of directors of the relevant company who (i) was a
member of such board of directors on November 17, 1999 or (ii) was nominated for
election or elected to such board of directors with the approval of a majority
of the Continuing Directors who were members of such board at the time of such
nomination or election.

                 "PRINCIPAL" means Ripplewood Partners, L.P., DLJ Merchant
Banking Partners II, L.P. and any member of management of any of the
Corporation, Weekly Reader Corporation or JLC Learning Corporation as of
November 17, 1999.

                 "RELATED PARTY" means (i) any controlling stockholder,
Subsidiary, or immediate family member (in the case of an individual) of any
Principal, (ii) any trust, corporation, partnership or other entity, the
beneficiaries, stockholders, partners, owners or Persons beneficially holding a
majority or more controlling interest of which consist of any one or more
Principals and/or such other Persons referred to in the immediately preceding
clause (i) or (iii) any Affiliate (as such term is defined in the Shareholders
Agreement) of DLJ Merchant Banking Partners II, L.P.

                 "SUBSIDIARY" means, with respect to any specified person, (i)
any corporation, association or other business entity of which more than 50% of
the total voting power of shares of capital stock entitled (without regard to
the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or
indirectly, by such person or one or more of the other Subsidiaries of the
person and (ii) any

                                       8
<PAGE>

partnership the sole general partner or the managing general partner of which is
such person or a Subsidiary of such person or the only general partners of which
are such person or one or more Subsidiaries of such person.

                 "INDENTURE" means that certain 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.

                 (c) MANDATORY REDEMPTION. To the extent the Corporation shall
have funds legally available for such payment, on November 17, 2011, if any
shares of the Senior Preferred Stock shall be outstanding, the Corporation shall
redeem all outstanding shares of the Senior Preferred Stock, at a redemption
price equal to the aggregate Liquidation Value, in cash, together with any
accrued and unpaid cash dividends thereon to the date fixed for redemption,
without interest.

                 (d) REDEMPTION FOR WEEKLY READER CORPORATION PREFERRED STOCK.
The Corporation, at its option but only in connection with or in anticipation of
(and no more than 10 business days prior to) the Reorganization, may redeem all
of the shares of Senior Preferred Stock then outstanding in exchange for an
equivalent number of shares of preferred stock of Weekly Reader Corporation, of
identical type and liquidation preference, having identical terms and conditions
as the Senior Preferred Stock (except that the issuer of such preferred stock
shall be Weekly Reader Corporation) and with equal amounts of accrued and unpaid
cash dividends, if any (the "EXCHANGE PREFERRED STOCK").

                 "REORGANIZATION" means a reorganization completed in connection
with an initial public offering, pursuant to which the Corporation shall
transfer, or cause to be transferred, all or substantially all of its assets to
Weekly Reader Corporation in exchange for the assumption by Weekly Reader
Corporation of all or substantially all of the liabilities of the Corporation,
the issuance to the Corporation by Weekly Reader Corporation of new common stock
and a number of shares of Exchange Preferred Stock equal to the number of shares
of Senior Preferred Stock then outstanding, and, at the option of the
Corporation, the distribution by the Corporation of an equivalent number of
shares of the Exchange Preferred Stock to the holders of the Senior Preferred
Stock in exchange for the Senior Preferred Stock, PROVIDED that after giving
effect to such reorganization, the overall economic position of a holder of
Exchange Preferred Stock with respect to its investment in Weekly Reader
Corporation (and relative to other creditors, lenders and equity holders of
Weekly Reader Corporation) shall not be worse than, immediately prior to such
reorganization, the overall economic position of a holder of Senior Preferred
Stock with respect to the investment by that holder in the Corporation (and
relative to other creditors, lenders and equity holders of the Corporation).

                 (e) STATUS OF REDEEMED SHARES. Shares of Senior Preferred Stock
which have been issued and reacquired in any manner, including shares purchased
or redeemed, shall (upon compliance with any applicable provisions of the laws
of the State of Delaware) have the status of authorized and unissued shares of
the class of Preferred Stock undesignated as to series and may be redesignated
and reissued as part of any series of the Preferred Stock, PROVIDED that no such
issued

                                       9
<PAGE>

and reacquired shares of Senior Preferred Stock shall be reissued or sold as
Senior Preferred Stock.

                 (f) FAILURE TO REDEEM. If the Corporation is unable or shall
fail to discharge its obligation to redeem all outstanding shares of Senior
Preferred Stock pursuant to Section (5)(b) or 5(c) (each, a "MANDATORY
REDEMPTION OBLIGATION"), such Mandatory Redemption Obligation shall be
discharged as soon as the Corporation is able to discharge such Mandatory
Redemption Obligation. If and so long as any Mandatory Redemption Obligation
with respect to the Senior Preferred Stock shall not be fully discharged, the
Corporation shall not (i) directly or indirectly, redeem, purchase, or otherwise
acquire any Parity Security or discharge any mandatory or optional redemption,
sinking fund or other similar obligation in respect of any Parity Securities
(except in connection with a redemption, sinking fund or other similar
obligation to be satisfied pro rata with the Senior Preferred Stock) or (ii) in
accordance with Section 3(e), declare or make any Junior Securities
Distribution, or, directly or indirectly, discharge any mandatory or optional
redemption, sinking fund or other similar obligation in respect of the Junior
Securities.

                 (g) FAILURE TO PAY DIVIDENDS. Notwithstanding the foregoing
provisions of this Section (5), unless full cumulative cash dividends (whether
or not declared) on all outstanding shares of Senior Preferred Stock shall have
been paid or contemporaneously are declared and paid or set apart for payment
for all Dividend Periods terminating on or prior to the applicable redemption
date, none of the shares of Senior Preferred Stock shall be redeemed, and no sum
shall be set aside for such redemption, unless shares of Senior Preferred Stock
are redeemed pro rata.

                 (6) PROCEDURE FOR REDEMPTION. (a) In the event the Corporation
shall redeem shares of Senior Preferred Stock pursuant to Section 5(a) or (c),
notice of such redemption shall be given by first class mail, postage prepaid,
mailed not less than 30 days nor more than 60 days prior to the redemption date,
to each holder of record of the shares to be redeemed at such holder's address
as the same appears on the stock register of the Corporation, PROVIDED that
neither the failure to give such notice nor any defect therein shall affect the
validity of the giving of notice for the redemption of any share of Senior
Preferred Stock to be redeemed except as to the holder to whom the Corporation
has failed to give said notice or except as to the holder whose notice was
defective. Each such notice shall state: (i) the redemption date; (ii) that all
shares of Senior Preferred Stock are to be redeemed; (iii) the redemption price;
(iv) the place or places where certificates for such shares are to be
surrendered for payment of the redemption price; and (v) that dividends on the
shares to be redeemed will cease to accrue on such redemption date.

                 (b) In the case of any redemption pursuant to Sections 5(a) or
(c), notice having been mailed as provided in Section 6(a), from and after the
redemption date (unless default shall be made by the Corporation in providing
money for the payment of the redemption price of the shares), dividends on the
shares of Senior Preferred Stock shall cease to accrue, and all rights of the
holders thereof as stockholders of the Corporation (except the right to receive
from the Corporation the redemption price) shall cease. Upon surrender in
accordance with

                                       10
<PAGE>

said notice of the certificates for any shares so redeemed (properly endorsed or
assigned for transfer, if the Board of Directors of the Corporation shall so
require and the notice shall so state), such shares shall be redeemed by the
Corporation at the redemption price aforesaid.

                 (c) In the case of a redemption pursuant to Section 5(b),
notice of such redemption shall be given by first class mail, postage prepaid,
mailed not more than 10 days following the occurrence of the Change of Control
and not less than 20 days prior to the Change of Control Redemption Date, to
each holder of record of the shares to be redeemed at such holder's address as
the same appears on the stock register of the Corporation, PROVIDED that neither
the failure to give such notice nor any defect therein shall affect the validity
of the giving of notice for the redemption of any share of Senior Preferred
Stock to be redeemed except as to the holder to whom the Corporation has failed
to give said notice or except as to the holder whose notice was defective. Each
such notice shall state: (i) that a Change of Control has occurred; (ii) the
Change of Control Redemption Date; (iii) the redemption price; (iv) that such
holder may elect to cause the Corporation to redeem all or any of the shares of
Senior Preferred Stock held by such holder; (v) the place or places where
certificates for such shares are to be surrendered for payment of the redemption
price; and (vi) that dividends on the shares the holder elects to cause the
Corporation to redeem will cease to accrue on such redemption date.

                  Upon receipt of such notice, the holder shall, within the time
period specified therein, return such notice to the Corporation indicating the
number of shares of Senior Preferred Stock such holder shall elect to cause the
Corporation to redeem, if any. The failure of any holder to timely return such
notice shall be deemed an election by such holder not to cause the Corporation
to redeem any of such holder's shares of Senior Preferred Stock. (d) In the case
of a redemption pursuant to Section 5(b), notice having been mailed as provided
in Section 6(c), from and after the Change of Control Redemption Date (unless
default shall be made by the Corporation in providing money for the payment of
the redemption price of the shares called for redemption), dividends on such
shares of Senior Preferred Stock as the holder elects to cause the Corporation
to redeem shall cease to accrue, and all rights of the holders thereof as
stockholders of the Corporation (except the right to receive from the
Corporation the redemption price) shall cease. Upon surrender in accordance with
said notice of the certificates for any shares so redeemed (properly endorsed or
assigned for transfer, if the Board of Directors of the Corporation shall so
require and the notice shall so state), such share shall be redeemed by the
Corporation at the redemption price aforesaid. In case fewer than all the shares
represented by any such certificate are redeemed, a new certificate shall be
issued representing the unredeemed shares without cost to the holder thereof.

                  (e) In the case of a redemption pursuant to Section 5(d),
notice of such redemption shall be given by first class mail, postage prepaid,
mailed not less than 10 days nor more than 60 days prior to the redemption date,
to each holder of record of the shares to be redeemed at such holder's address
as the same appears on the stock register of the Corporation, PROVIDED that
neither the failure to give such notice nor any defect therein shall affect the
validity of the giving of

                                       11
<PAGE>

notice for the redemption of any share of Senior Preferred Stock to be redeemed
except as to the holder to whom the Corporation has failed to give said notice
or except as to the holder whose notice was defective. Each such notice shall
state: (i) the redemption date; (ii) that all shares of Senior Preferred Stock
are to be redeemed; (iii) the place or places where certificates for such shares
of Senior Preferred Stock are to be surrendered for certificates for shares of
Exchange Preferred Stock; (iv) that dividends on the shares to be redeemed will
cease to accrue on such redemption date and (v) the proposed terms of the
Reorganization. If the Reorganization Transaction shall not be consummated in
the manner disclosed in such notice of redemption, such redemption will be, and
will be deemed to be, rescinded in all respects and the Senior Preferred Stock
shall remain outstanding in accordance with its terms.

                  (f) In the case of a redemption pursuant to Section 5(d),
notice having been mailed as provided in Section 6(e), from and after the
redemption date (unless default shall be made by the Corporation in distributing
the required shares of Exchange Preferred Stock in exchange for the shares of
Senior Preferred Stock), dividends on the shares of Senior Preferred Stock shall
cease to accrue, and all rights of the holders thereof as stockholders of the
Corporation (except the right to receive from the Corporation the required
shares of Exchange Preferred Stock) shall cease. Upon surrender in accordance
with said notice of the certificates for any shares of Senior Preferred Stock
(properly endorsed or assigned for transfer, if the Board of Directors of the
Corporation shall so require and the notice shall so state), such shares shall
be exchanged by the Corporation for the required shares of Exchange Preferred
Stock.

                  (7) VOTING RIGHTS. (a) The holders of record of shares of
Senior Preferred Stock shall not be entitled to any voting rights except as
hereinafter provided in this Section (7) or as otherwise provided by law. (b) If
and whenever (i) four consecutive or six quarterly cash dividends payable on the
Senior Preferred Stock have not been paid in full, (ii) for any reason
(including the reason that funds are not legally available for a redemption),
the Corporation shall have failed to discharge any Mandatory Redemption
Obligation, (iii) the Corporation shall have failed to provide the notice
required by Section 6(c) within the time period specified in such section or
(iv) the Corporation shall have failed to comply with Sections 3(d), 3(e) or
7(c), (1) the number of directors then constituting the Board of Directors shall
be increased by one and the holders of a majority of the outstanding shares of
Senior 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 (resulting from either the failure to pay dividends or the failure
to redeem) (any such series is referred to as the "PREFERRED SHARES"), voting as
a single class regardless of series, shall be entitled to elect the one
additional director to serve on the Board of Directors at any annual meeting of
stockholders or special meeting held in place thereof, or at a special meeting
of the holders of the Senior Preferred Stock and the Preferred Shares called as
hereinafter provided.

                  (c) Whenever (i) all arrears in cash dividends on the Senior
Preferred Stock and the Preferred Shares then outstanding shall have been paid
and cash dividends thereon for the current quarterly dividend period shall have
been paid or declared and set apart for payment, (ii) the Corporation shall have

                                       12
<PAGE>

fulfilled its Mandatory Redemption Obligation, (iii) the Corporation shall have
fulfilled its obligation to provide notice as specified in subsection (b)(iii),
or (iv) the Corporation shall have complied with Sections 3(d), 3(e) and 7(c),
as the case may be, then the right of the holders of the Senior Preferred Stock
to elect such additional director shall cease (but subject always to the same
provisions for the vesting of such voting rights in the case of any similar
future (i) arrearage in four consecutive or six quarterly cash dividends, (ii)
failure to fulfill any Mandatory Redemption Obligation, (iii) failure to fulfill
the obligation to provide the notice required by Section 6(c) within the time
period specified in such section or (iv) failure to comply with Sections 3(d),
3(e) or 7(c)), the terms of office of the person elected as director by the
holders of the Senior Preferred Stock shall forthwith terminate and the number
of the Board of Directors shall be reduced accordingly. At any time after such
voting power shall have been so vested in the holders of shares of Senior
Preferred Stock and the Preferred Shares, the secretary of the Corporation may,
and upon the written request of any holder of Senior Preferred Stock (addressed
to the secretary at the principal office of the Corporation) shall, call a
special meeting of the holders of the Senior 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 Senior 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 the holders of the Senior Preferred Stock and
the Preferred Shares, a successor shall be elected in accordance with the
procedures of Section 7(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 a majority of the
outstanding shares of Senior Preferred Stock or the vote of holders of a
majority of the outstanding shares of Senior Preferred Stock at a meeting of the
holders of Senior 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 Senior Preferred Stock, PROVIDED that any such amendment that
decreases the dividend payable on or the Liquidation Value of the Senior
Preferred Stock shall require the affirmative vote of holders of each share of
Senior Preferred Stock at a meeting of holders of Senior Preferred Stock called
for such purpose or written consent of the holder of each share of Senior
Preferred Stock; (ii) create, authorize or issue any class of stock ranking
prior to, or on a parity with, the Senior 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

                                       13
<PAGE>

shares, except that the Corporation may, without such approval, create,
authorize and issue Parity Securities for the purpose of utilizing the proceeds
from the issuance of such Parity Securities for the redemption of all
outstanding shares of Senior Preferred Stock in accordance with the terms hereof
or (iii) 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, (A) if the Corporation is not the surviving
corporation, the seniority, rights, powers and preferences of the Senior
Preferred Stock continue unimpaired and on identical terms after such
transaction or (B) the surviving corporation has a Consolidated Net Worth
(immediately following any such transaction) at least equal to that of the
Corporation immediately prior to such transaction. The previous sentence shall
not be construed to prohibit any Reorganization consummated in compliance with
the terms of this Senior Preferred Stock.

                 "CONSOLIDATED NET WORTH" means at any date and with respect to
any Person, the consolidated stockholders' equity of such Person and its
consolidated subsidiaries less their consolidated Intangible Assets, all
determined as of such date. For purposes of this definition, "Intangible Assets"
means the amount (to the extent reflected in determining such consolidated
stockholders' equity) of (i) all write-ups (other than write-ups of assets of a
going concern business made within twelve months after the acquisition of such
business) subsequent to November 17, 1999 in the book value of any asset owned
by such Person or a consolidated subsidiary, (ii) all investments in
unconsolidated subsidiaries and all equity investments in Persons which are not
subsidiaries and (iii) all unamortized debt discount and expense, unamortized
deferred charges, goodwill, patents, trademarks, service marks, trade names,
anticipated future benefit of tax loss carry-forwards, copyrights, organization
or developmental expenses and other intangible assets.

                 (e) In exercising the voting rights set forth in this Section
(7), each share of Senior Preferred Stock shall have one vote per share, except
that when any other series of Preferred Stock shall have the right to vote with
the Senior Preferred Stock as a single class on any matter, then the Senior
Preferred Stock and such other series shall have with respect to such matters
one vote per $25.00 of Liquidation Value or other liquidation preference. Except
as otherwise required by applicable law or as set forth herein, the shares of
Senior Preferred Stock shall not have any relative, participating, optional or
other special voting rights and powers and the consent of the holders thereof
shall not be required for the taking of any corporate action.

                 (8) REPORTS. So long as any of the Senior 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.

                                       14
<PAGE>

                 (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 Senior Preferred Stock, by acceptance
thereof, acknowledges and agrees that payments of dividends, interest, premium
and principal on, and exchange, redemption 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.

                 IN WITNESS WHEREOF, WRC Media Inc. has caused this Certificate
of Designations to be signed and attested by the undersigned this ____ day of
November, 1999.

                                                  WRC MEDIA INC.

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

ATTEST:

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

                                       15

<PAGE>

                                    EXHIBIT C
                                 Form of Warrant

                            WEEKLY READER CORPORATION

                      WARRANT FOR THE PURCHASE OF SHARES OF
                    COMMON STOCK OF WEEKLY READER CORPORATION

NO. ____                                                    WARRANT TO PURCHASE
                                                                    ____ SHARES

      THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD
      EXCEPT IN COMPLIANCE THEREWITH. THIS SECURITY IS ALSO SUBJECT TO
      ADDITIONAL RESTRICTIONS ON TRANSFER, VOTING AND OTHER MATTERS AS SET FORTH
      IN THE STOCKHOLDERS AGREEMENT (AS HEREIN DEFINED), COPIES OF WHICH MAY BE
      OBTAINED UPON REQUEST FROM THE COMPANY OR ANY SUCCESSOR THERETO.

         FOR VALUE RECEIVED, WEEKLY READER CORPORATION, a Delaware corporation
(the "COMPANY"), hereby certifies that [HOLDER], its successor or permitted
assigns (the "HOLDER"), is entitled, subject to the provisions of this Warrant,
to purchase from the Company, at the times specified herein, _____ fully paid
and non-assessable shares of voting common stock of the Company, par value $0.01
per share (the "WARRANT SHARES"), at a purchase price per share equal to the
Exercise Price (as hereinafter defined). The number of Warrant Shares to be
received upon the exercise of this Warrant and the price to be paid for a
Warrant Share are subject to adjustment from time to time as hereinafter set
forth. Notwithstanding the foregoing, the term "Warrant Shares," in the case of
any exercise of this Warrant by any DLJ Holder (as hereinafter defined) and any
transferee of any DLJ Holder that is also an Affiliate (as hereinafter defined)
of any DLJ Holder, but only in such case, shall be deemed to refer to fully-paid
and non-assessable shares of non-voting common stock of the Company, par value
$0.01 per share.

                                        1
<PAGE>

                  (a) DEFINITIONS.

                  (1) The following terms, as used herein, have the following
meanings:

                  "AFFILIATE" shall have the meaning given to such term in Rule
12b-2 promulgated under the Securities and Exchange Act of 1934, as amended.

"BUSINESS DAY" means any day except a Saturday, Sunday or other day on which
commercial banks in the City of New York are authorized by law to close.

                  "COMMON STOCK" means the Common Stock, par value $0.01 per
share, of the Company or other capital stock of the Company that is not
preferred as to liquidation or dividends.

                  "DLJ HOLDERS" means DLJ Merchant Banking Partners II, L.P.,
DLJ Merchant Banking Partners II-A, L.P., DLJ Offshore Partners II, C.V., DLJ
Diversified Partners, L.P., DLJ Diversified Partners-A, L.P., DLJ Millennium
Partners, L.P., DLJ Millennium Partners-A, L.P., DLJMB Funding II, Inc., DLJ EAB
Partners, L.P., DLJ ESC II, L.P. and DLJ First ESC, L.P.

                  "DULY ENDORSED" means duly endorsed in blank by the Person or
Persons in whose name a stock certificate is registered or accompanied by a duly
executed stock assignment separate from the certificate with the signature(s)
thereon guaranteed by a commercial bank or trust company or a member of a
national securities exchange or of the National Association of Securities
Dealers, Inc.

                  "EXERCISE PRICE" means $0.01 per Warrant Share, such Exercise
Price to be adjusted from time to time as provided herein.

                  "EXPIRATION DATE" means November 17, 2011  at 5:00 p.m. New
York City time.

                  "FAIR MARKET VALUE" means, with respect to one share of Common
Stock on any date, the Current Market Price Per Common Share determined pursuant
to paragraph (h)(6) hereof.

                  "PERSON" means an individual, partnership, corporation,
limited liability company, trust, joint stock company, association, joint
venture, or any other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof.

                  "PRINCIPAL HOLDERS" means, on any date, the Holders of at
least 662/3% of the Warrants.

                  "STOCKHOLDERS AGREEMENT" means the Preferred Stockholders
Agreement dated as of the date hereof among WRC Media Inc., the Company, JLC
Learning Corporation, Ripplewood Partners, L.P., The Northwestern Mutual Life
Insurance Company, SGC Partners II LLC, DLJ Merchant Banking Partners II, L.P.,
DLJ Merchant Banking Partners II-A, L.P., DLJ Offshore Partners II, C.V., DLJ
Diversified Partners, L.P., DLJ Diversified Partners-A, L.P., DLJ Millennium
Partners, L.P., DLJ

                                        2
<PAGE>

Millennium Partners-A, L.P., DLJMB Funding II, Inc., DLJ EAB
Partners, L.P., DLJ ESC II, L.P., DLJ First ESC, L.P., EAC III LLC and the other
Buyers listed on the signature pages thereto.

                  "TRANSFER" means to directly or indirectly sell transfer,
assign or otherwise dispose of.

                  "WARRANTS" means the Warrants issued to the subscribers under
the Preferred Stock and Warrants Subscription Agreement dated as of the date
hereof among the Company and the subscribers listed on the signature pages
thereof.

                  (2) Capitalized terms used but not defined herein shall have
the meanings assigned to such terms in the Stockholders Agreement.

                  (b) EXERCISE OF WARRANT.

                  (1) The Holder is entitled to exercise this Warrant in whole
         or in part at any time, or from time to time, until the Expiration Date
         or, if such day is not a Business Day, then on the next succeeding day
         that shall be a Business Day. To exercise this Warrant, the Holder
         shall execute and deliver to the Company a Warrant Exercise Notice
         substantially in the form annexed hereto. No earlier than ten days
         after delivery of the Warrant Exercise Notice, the Holder shall deliver
         to the Company this Warrant Certificate, including the Warrant Exercise
         Subscription Form forming a part hereof duly executed by the Holder,
         together with payment of the applicable Exercise Price, PROVIDED
         HOWEVER, that in connection with a public offering of the Common Stock,
         a Holder may deliver the Warrant Exercise Notice, the Warrant Exercise
         Subscription Form and this Warrant Certificate, together with payment
         of the applicable Exercise Price, to the Company simultaneously. Upon
         such delivery and payment, the Holder shall be deemed to be the holder
         of record of the Warrant Shares subject to such exercise,
         notwithstanding that the stock transfer books of the Company shall then
         be closed or that certificates representing such Warrant Shares shall
         not then be actually delivered to the Holder. Notwithstanding anything
         herein to the contrary, in lieu of payment in cash of the applicable
         Exercise Price, the Holder may elect (i) to receive upon exercise of
         this Warrant, the number of Warrant Shares reduced by a number of
         shares of Common Stock having the aggregate Fair Market Value equal to
         the aggregate Exercise Price for the Warrant Shares, (ii) to deliver as
         payment, in whole or in part of the aggregate Exercise Price, shares of
         Common Stock having the aggregate Fair Market Value equal to or in
         excess of the applicable portion of the aggregate Exercise Price for
         the Warrant Shares or (iii) to deliver as payment, in whole or in part
         of the aggregate Exercise Price, such number of Warrants which, if
         exercised, would result in a number of shares of Common Stock having an
         aggregate Fair Market Value equal to or in excess of the applicable
         portion of the aggregate Exercise Price for the Warrant Shares.
         Notwithstanding anything to the contrary in this paragraph (b)(1), if
         the aggregate Fair Market Value of the Common Stock applied or
         delivered pursuant to (i),

                                        3
<PAGE>

         (ii) or (iii) above exceeds the aggregate Exercise Price, in no event
         shall the Holder be entitled to receive any amounts from the Company.

                  (2) The Exercise Price may be paid in cash or by certified or
         official bank check or bank cashier's check payable to the order of the
         Company or by any combination of such cash or check. The Company shall
         pay any and all documentary, stamp or similar issue or transfer taxes
         payable in respect of the issue or delivery of the Warrant Shares;
         PROVIDED HOWEVER, that the Company shall not be required to pay any
         such documentary, stamp, issue or transfer taxes payable in respect
         of the issue or delivery of the Warrant Shares or any Warrant
         Certificate in a name other than that of the Holder.

                  (3) If the Holder exercises this Warrant in part, this Warrant
         Certificate shall be surrendered by the Holder to the Company and a new
         Warrant Certificate of the same tenor and for the unexercised number of
         Warrant Shares shall be executed by the Company. The Company shall
         register the new Warrant Certificate in the name of the Holder or in
         such name or names of its transferee pursuant to paragraph (f) hereof
         as may be directed in writing by the Holder and deliver the new Warrant
         Certificate to the Person or Persons entitled to receive the same;
         PROVIDED HOWEVER, that the Company shall not be required to deliver any
         such new Warrant Certificate until any taxes referred to in the proviso
         to the foregoing clause (2) shall have been paid.

                  (4) Upon surrender of this Warrant Certificate in conformity
         with the foregoing provisions, the Company shall transfer to the Holder
         of this Warrant Certificate appropriate evidence of ownership of the
         shares of Common Stock or other securities or property (including any
         money) to which the Holder is entitled, registered or payable to the
         order of, the name or names of the Holder or such transferee as may be
         directed in writing by the Holder, and shall deliver such evidence of
         ownership and any other securities or property (including any money) to
         the Person or Persons entitled to receive the same, together with an
         amount in cash in lieu of any fraction of a share as provided in
         paragraph (e) below; PROVIDED HOWEVER, that the Company shall not be
         required to deliver any such evidence of ownership until any taxes
         referred to in the proviso to the foregoing clause (2) shall have been
         paid.

                  (c) RESTRICTIVE LEGEND. Certificates representing shares of
Common Stock issued pursuant to this Warrant shall bear a legend substantially
in the form of the legend set forth on the first page of this Warrant
Certificate to the extent that and for so long as such legend is required
pursuant to the Stockholders Agreement.

                  (d) RESERVATION OF SHARES. The Company hereby agrees that at
all times there shall be reserved for issuance and delivery upon exercise of
this Warrant such number of its authorized but unissued shares of Common Stock
or other securities of the Company from time to time issuable upon exercise of
this Warrant as will be sufficient to permit the exercise in full of this
Warrant. All such shares shall be duly authorized and, when issued upon such
exercise, shall be

                                        4
<PAGE>

validly issued, fully paid and non-assessable, free and clear of all liens,
security interests, charges and other encumbrances or restrictions on sale and
free and clear of all preemptive rights, except to the extent set forth in the
Stockholders Agreement.

                  (e) FRACTIONAL SHARES. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this Warrant
and in lieu of delivery of any such fractional share upon any exercise hereof,
the Company shall pay to the Holder an amount in cash equal to such fraction
multiplied by the Current Market Price Per Common Share (as defined in paragraph
(h)(6)) at the date of such exercise.

                  The Company further agrees that it will not change the par
value of the Common Stock from par value $0.01 per share to any higher par value
which exceeds the Exercise Price then in effect, and will reduce the par value
of the Common Stock upon any event described in paragraph (h) that (i) provides
for an increase in the number of shares of Common Stock subject to purchase upon
exercise of this Warrant, in inverse proportion to and effective at the same
time as such number of shares is increased, but only to the extent that such
increase in the number of shares, together with all other such increases after
the date hereof, causes the aggregate Exercise Price of all Warrants (without
giving effect to any exercise thereof) to be greater than $4,228.74 or (ii)
would, but for this provision, reduce the Exercise Price below the par value of
the Common Stock.

                  (f) EXCHANGE, TRANSFER OR ASSIGNMENT OF WARRANT.

                  (1) This Warrant and the Warrant Shares are subject to the
         provisions of the Stockholders Agreement, including the restrictions on
         transfer. Each taker and holder of this Warrant Certificate, by taking
         or holding the same, consents and agrees that the registered holder
         hereof may be treated by the Company and all other persons dealing with
         this Warrant Certificate as the absolute owner hereof for any purpose
         and as the person entitled to exercise the rights represented hereby.
         The Holder, by its acceptance of this Warrant, will be subject to the
         provisions of, and will have the benefits of, the Stockholders
         Agreement to the extent set forth therein, including the transfer
         restrictions and the registration rights included therein.

                  (2) Subject to compliance with the transfer restrictions set
         forth in the Stockholders Agreement, upon surrender of this Warrant to
         the Company, together with the attached Warrant Assignment Form duly
         executed, the Company shall, without charge, execute and deliver a new
         Warrant in the name of the assignee or assignees named in such
         instrument of assignment and, if the Holder's entire interest is not
         being assigned, in the name of the Holder and this Warrant shall
         promptly be canceled. The Company may require payment of a sum
         sufficient to pay all documentary, stamp or similar issue or transfer
         taxes payable in respect of any transfer, exchange or assignment
         pursuant to this paragraph (f).

                                        5
<PAGE>

                  (g) LOSS OR DESTRUCTION OF WARRANT. Upon receipt by the
Company of evidence satisfactory to it (in the exercise of its reasonable
discretion) of the loss, theft, destruction or mutilation of this Warrant
Certificate, and (in the case of loss, theft or destruction) of reasonably
satisfactory indemnification, and upon surrender and cancellation of this
Warrant Certificate, if mutilated, the Company shall execute and deliver a new
Warrant Certificate of like tenor and date.

                  (h) ANTI-DILUTION PROVISIONS. The Exercise Price of this
Warrant and the number of shares of Common Stock for which this Warrant may be
exercised shall be subject to adjustment from time to time upon the occurrence
of certain events as provided in this paragraph (h); PROVIDED that,
notwithstanding anything to the contrary contained herein, the Exercise Price
shall not be less than the par value of the Common Stock, as such par value may
be reduced from time to time in accordance with paragraph (e).

                  (1) In case the Company shall at any time after the date
         hereof (i) declare a dividend or make a distribution on Common Stock
         payable in Common Stock, (ii) subdivide or split the outstanding Common
         Stock, (iii) combine or reclassify the outstanding Common Stock into a
         smaller number of shares, or (iv) issue any shares of its capital stock
         in a reclassification of Common Stock (including any such
         reclassification in connection with a consolidation or merger in which
         the Company is the continuing corporation), the Exercise Price in
         effect at the time of the record date for such dividend or distribution
         or of the effective date of such subdivision, split, combination or
         reclassification shall be proportionately adjusted so that, giving
         effect to paragraph (h)(9), the exercise of this Warrant after such
         time shall entitle the holder to receive the aggregate number of shares
         of Common Stock or other securities of the Company (or shares of any
         security into which such shares of Common Stock have been reclassified
         pursuant to clause (iii) or (iv) above) which, if this Warrant had been
         exercised immediately prior to such time, such holder would have owned
         upon such exercise and been entitled to receive by virtue of such
         dividend, distribution, subdivision, split, combination or
         reclassification. Such adjustment shall be made successively whenever
         any event listed above shall occur.

                  (2) In case the Company shall issue or sell any Common Stock
         (other than Common Stock issued (I) upon exercise of the Warrants, (II)
         pursuant to any Common Stock related employee compensation plan of the
         Company approved by the Company's Board of Directors; PROVIDED that no
         more than 283,000 shares of Common Stock may be issued pursuant to the
         exception set forth in this clause (II) of paragraph (h)(2), (III) upon
         exercise or conversion of any security the issuance of which caused an
         adjustment under paragraphs (h)(3) or (h)(4) or (iv) to the public in a
         bona fide public offering registered under the Securities Act of 1933,
         as amended, and the rules and regulations of the Securities and
         Exchange Commission promulgated thereunder), the Exercise Price to be
         in effect after such issuance or sale shall be determined by
         multiplying the Exercise Price in effect immediately prior to such
         issuance or sale by a fraction, the numerator of which shall be the sum
         of (x) the number of shares of

                                        6
<PAGE>

         Common Stock outstanding immediately prior to the time of such issuance
         or sale multiplied by the Current Market Price Per Common Share
         immediately prior to such issuance or sale and (y) the aggregate
         consideration, if any, to be received by the Company upon such issuance
         or sale, and the denominator of which shall be the product of the
         aggregate number of shares of Common Stock outstanding immediately
         after such issuance or sale and the Current Market Price Per Common
         Share immediately prior to such issuance or sale but in no event will
         such fraction exceed 1. In case any portion of the consideration to be
         received by the Company shall be in a form other than cash, the fair
         market value of such noncash consideration shall be utilized in the
         foregoing computation. Such fair market value shall be determined by
         the Board of Directors of the Company; PROVIDED that if the Principal
         Holders shall object to any such determination, the Board of Directors
         shall retain an independent appraiser reasonably satisfactory to the
         Principal Holders to determine such fair market value, the fees and
         expenses of such independent appraiser to be paid (i) by the Company if
         the fair market value as determined by such appraiser is less than the
         fair market value as determined by the Board of Directors of the
         Company and (ii) by the Holders otherwise. The Holder shall be notified
         promptly of any consideration other than cash to be received by the
         Company and furnished with a description of the consideration and the
         fair market value thereof, as determined by the Board of Directors.

                  (3) In case the Company shall fix a record date for the
         issuance of rights, options or warrants to the holders of its Common
         Stock or other securities entitling such holders to subscribe for or
         purchase for a period expiring within 60 days of such record date
         shares of Common Stock (or securities convertible into shares of Common
         Stock) at a price per share of Common Stock (or having a conversion
         price per share of Common Stock, if a security convertible into shares
         of Common Stock) less than the Current Market Price Per Common Share on
         such record date, the maximum number of shares of Common Stock issuable
         upon exercise of such rights, options or warrants (or conversion of
         such convertible securities) shall be deemed to have been issued and
         outstanding as of such record date and the Exercise Price shall be
         adjusted pursuant to paragraph (h)(2), as though such maximum number of
         shares of Common Stock had been so issued for an aggregate
         consideration payable by the holders of such rights, options, warrants
         or convertible securities prior to their receipt of such shares of
         Common Stock. In case any portion of such consideration shall be in a
         form other than cash, the fair market value of such noncash
         consideration shall be determined as set forth in paragraph (h)(2).
         Such adjustment shall be made successively whenever such record date is
         fixed; and in the event that such rights, options or warrants are not
         so issued or expire unexercised, or in the event of a change in the
         number of shares of Common Stock to which the holders of such rights,
         options, warrants or convertible securities are entitled (other than
         pursuant to adjustment provisions therein which are no more favorable
         in their entirety than those contained in this paragraph (h)), the
         Exercise Price shall again be adjusted to be the Exercise Price

                                        7
<PAGE>

         which would then be in effect if such record date had not been fixed,
         in the former event, or the Exercise Price which would then be in
         effect if such holder had initially been entitled to such changed
         number of shares of Common Stock, in the latter event.

                  (4) In case the Company shall sell or issue rights, options
         (other than options issued pursuant to a plan described in clause (II)
         of paragraph (h)(2)) or warrants or other securities entitling the
         holders thereof to subscribe for or purchase Common Stock (or
         securities convertible into shares of Common Stock) and the price per
         share of Common Stock (or the conversion price per share of Common
         Stock, if the security is convertible into shares of Common Stock) with
         respect to such right, option or warrant is less than the Current
         Market Price Per Common Share, the maximum number of shares of Common
         Stock issuable upon exercise of such rights, options or warrants (or
         upon conversion of such convertible securities) shall be deemed to have
         been issued and outstanding as of the date of such sale or issuance,
         and the Exercise Price shall be adjusted pursuant to paragraph (h)(2),
         as though such maximum number of shares of Common Stock had been so
         issued for an aggregate consideration equal to the aggregate
         consideration paid for such rights, options, warrants or convertible
         securities and the aggregate consideration payable by the holders of
         such rights, options, warrants or convertible securities prior to their
         receipt of such shares of Common Stock. In case any portion of such
         consideration shall be in a form other than cash, the fair market value
         of such noncash consideration shall be determined as set forth in
         paragraph (h)(2). Such adjustment shall be made successively whenever
         such rights, options, warrants or convertible securities are issued;
         and in the event that such rights, options or warrants expire
         unexercised, or in the event of a change in the number of shares of
         Common Stock to which the holders of such rights, options, warrants or
         convertible securities are entitled (other than pursuant to adjustment
         provisions therein which are no more favorable in their entirety than
         those contained in this paragraph (h)), the Exercise Price shall again
         be adjusted to be the Exercise Price which would then be in effect if
         such rights, options, warrants or convertible securities had not been
         issued, in the former event, or the Exercise Price which would then be
         in effect if such holders had initially been entitled to such changed
         number of shares of Common Stock, in the latter event. No adjustment of
         the Exercise Price shall be made pursuant to this paragraph (h)(4) to
         the extent that the Exercise Price shall have been adjusted pursuant to
         paragraph (h)(3) upon the setting of any record date relating to such
         rights, options, warrants or convertible securities and such adjustment
         fully reflects the number of shares of Common Stock to which the
         holders of such rights, options, warrants or convertible securities are
         entitled and the price payable therefor.

                  (5) In case the Company shall fix a record date for the making
         of a distribution to holders of Common Stock (including any such
         distribution made in connection with a consolidation or merger in which
         the Company is the continuing corporation) of evidences of
         indebtedness, cash, assets or other property (other than dividends
         payable in Common Stock or rights, options or warrants referred to in,
         and for which an adjustment is made pursuant to, paragraph (h)(3)), the
         Exercise Price to be in effect after such

                                        8
<PAGE>

         record date shall be determined by multiplying the Exercise Price in
         effect immediately prior to such record date by a fraction, the
         numerator of which shall be the Current Market Price Per Common Share
         on such record date, less the fair market value (determined as set
         forth in paragraph (h)(2)) of the portion of the assets, cash, other
         property or evidence of indebtedness so to be distributed which is
         applicable to one share of Common Stock, and the denominator of which
         shall be such Current Market Price Per Common Share. Such adjustments
         shall be made successively whenever such a record date is fixed; and in
         the event that such distribution is not so made, the Exercise Price
         shall again be adjusted to be the Exercise Price which would then be in
         effect if such record date had not been fixed.

                  (6) For the purpose of any computation under paragraph (e) or
         paragraph (h)(2), (3), (4) or (5), on any determination date, the
         Current Market Price Per Common Share shall be deemed to be the average
         (weighted by daily trading volume) of the Daily Prices (as defined
         below) per share of the Common Stock for the 20 consecutive trading
         days ending three days prior to such date. "DAILY PRICE" means (1) if
         the shares of Common Stock then are listed and traded on the New York
         Stock Exchange, Inc. ("NYSE"), the closing price on such day as
         reported on the NYSE Composite Transactions Tape; (2) if the shares of
         Common Stock then are not listed and traded on the NYSE, the closing
         price on such day as reported by the principal national securities
         exchange on which the shares are listed and traded; (3) if the shares
         of Common Stock then are not listed and traded on any such securities
         exchange, the last reported sale price on such day on the National
         Market of the National Association of Securities Dealers, Inc.
         Automated Quotation System ("NASDAQ"); (4) if the shares of Common
         Stock then are not listed and traded on any such securities exchange
         and not traded on the NASDAQ National Market, the average of the
         highest reported bid and lowest reported asked price on such day as
         reported by NASDAQ; or (5) if such shares are not listed and traded on
         any such securities exchange, not traded on the NASDAQ National Market
         and bid and asked prices are not reported by NASDAQ, then the average
         of the closing bid and asked prices, as reported by The Wall Street
         Journal for the over-the-counter market. If on any determination date
         the shares of Common Stock are not quoted by any such organization, the
         Current Market Price Per Common Share shall be the fair market value of
         such shares on such determination date as determined by the Board of
         Directors, without regard to considerations of the lack of liquidity,
         applicable regulatory restrictions or any of the transfer restrictions
         or other obligations imposed on such shares set forth in the
         Stockholders Agreement. If the Principal Holders shall object to any
         determination by the Board of Directors of the Current Market Price Per
         Common Share, the Current Market Price Per Common Share shall be the
         fair market value per share of the applicable class of Common Stock as
         determined by an independent appraiser retained by the Company and
         reasonably acceptable to the Principal Holders, the fees and expenses
         of such independent appraiser to be paid (i) by the Company if the
         Current Market Price Per Common Share as determined by such appraiser
         is less than the Current Market Price Per Common Share as determined by
         the

                                        9
<PAGE>

         Board of Directors of the Company and (ii) by the Holders otherwise.
         For purposes of any computation under this paragraph (h), the number of
         shares of Common Stock outstanding at any given time shall not include
         shares owned or held by or for the account of the Company.

                  (7) No adjustment in the Exercise Price shall be required
         unless such adjustment would require an increase or decrease of at
         least one percent in such price; PROVIDED that any adjustments which by
         reason of this paragraph (h)(7) are not required to be made shall be
         carried forward and taken into account in any subsequent adjustment.
         All calculations under this paragraph (h) shall be made to the nearest
         one tenth of a cent or to the nearest hundredth of a share, as the case
         may be.

                  (8) In the event that, at any time as a result of the
         provisions of this paragraph (h), the holder of this Warrant upon
         subsequent exercise shall become entitled to receive any shares of
         capital stock or other securities of the Company other than Common
         Stock, the number of such other shares so receivable upon exercise of
         this Warrant shall thereafter be subject to adjustment from time to
         time in a manner and on terms as nearly equivalent as practicable to
         the provisions contained herein.

                  (9) Upon each adjustment of the Exercise Price as a result of
         the calculations made in paragraph (h)(1), (2), (3), (4) or (5), the
         number of shares for which this Warrant is exercisable immediately
         prior to the making of such adjustment shall thereafter evidence the
         right to purchase, at the adjusted Exercise Price, that number of
         shares of Common Stock obtained by (i) multiplying the number of shares
         covered by this Warrant immediately prior to this adjustment of the
         number of shares by the Exercise Price in effect immediately prior to
         such adjustment of the Exercise Price and (ii) dividing the product so
         obtained by the Exercise Price in effect immediately after such
         adjustment of the Exercise Price.

                  (10) The Company shall notify all Holders of the fixing of a
         record date for the purpose of payment of a cash dividend to holders of
         Common Stock as soon as reasonably practicable, but in no event less
         than 20 days prior to any such record date.

                  (11) Not less than 10 nor more than 30 days prior to the
         record date or effective date, as the case may be, of any action which
         requires or might require an adjustment or readjustment pursuant to
         this paragraph (h), the Company shall forthwith file in the custody of
         the secretary or any assistant secretary of the Company at its
         principal executive office and with its stock transfer agent or its
         warrant agent, if any, an officers' certificate showing the adjusted
         Exercise Price determined as herein provided, setting forth in
         reasonable detail the facts requiring such adjustment and the manner of
         computing such adjustment. Each such officers' certificate shall be
         signed by the chairman, president or chief financial officer of the
         Company and by the secretary or any assistant secretary of the Company.
         Each such officers' certificate shall be made available at all
         reasonable times for inspection by the Holder or any holder of a
         Warrant executed and delivered pursuant to paragraph (f) and the

                                       10
<PAGE>

         Company shall, forthwith after each such adjustment, mail a copy, by
         first-class mail, of such certificate to the Holder.

                  (12) The Holder shall, at its option, be entitled to receive,
         in lieu of the adjustment pursuant to paragraph (h)(5) otherwise
         required, on the date of exercise of the Warrants, the evidences of
         indebtedness, other securities, cash, property or other assets which
         such Holder would have been entitled to receive if it had exercised its
         Warrants for shares of Common Stock immediately prior to the record
         date with respect to such distribution. The Holder may exercise its
         option under this paragraph (h)(12) by delivering to the Company a
         written notice of such exercise within seven days of its receipt of the
         certificate of adjustment required pursuant to paragraph (h)(11) to be
         delivered by the Company in connection with such distribution.

                  (i) CONSOLIDATION, MERGER, OR SALE OF ASSETS. In case of any
consolidation of the Company with, or merger of the Company into, any other
Person, any merger of another Person into the Company (other than a merger which
does not result in any reclassification, conversion, exchange or cancellation of
outstanding shares of Common Stock) or any sale or Transfer of all or
substantially all of the assets of the Company or of the Person formed by such
consolidation or resulting from such merger or which acquires such assets, as
the case may be, the Holder shall have the right thereafter to exercise this
Warrant for the kind and amount of securities, cash and other property
receivable upon such consolidation, merger, sale or Transfer by a holder of the
number of shares of Common Stock for which this Warrant may have been exercised
immediately prior to such consolidation, merger, sale or Transfer, assuming (i)
such holder of Common Stock is not a Person with which the Company consolidated
or into which the Company merged or which merged into the Company or to which
such sale or Transfer was made, as the case may be ("CONSTITUENT PERSON"), or an
Affiliate of a constituent Person and (ii) in the case of a consolidation,
merger, sale or Transfer which includes an election as to the consideration to
be received by the holders, such holder of Common Stock failed to exercise its
rights of election, as to the kind or amount of securities, cash and other
property receivable upon such consolidation, merger, sale or Transfer (provided
that if the kind or amount of securities, cash and other property receivable
upon such consolidation, merger, sale or Transfer is not the same for each share
of Common Stock held immediately prior to such consolidation, merger, sale or
Transfer by other than a constituent Person or an Affiliate thereof and in
respect of which such rights of election shall not have been exercised
("NON-ELECTING SHARE"), then for the purpose of this paragraph (i) the kind and
amount of securities, cash and other property receivable upon such
consolidation, merger, sale or Transfer by each non-electing share shall be
deemed to be the kind and amount so receivable per share by a plurality of the
non-electing shares). Adjustments for events subsequent to the effective date of
such a consolidation, merger and sale of assets shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Warrant.

                  In any such event, effective provisions shall be made in the
certificate or articles of incorporation of the resulting or surviving
corporation, in any contract of sale, conveyance, lease or Transfer, or
otherwise so that the

                                       11
<PAGE>

provisions set forth herein for the protection of the rights of the Holder shall
thereafter continue to be applicable; and any such resulting or surviving
corporation shall expressly assume the obligation to deliver, upon exercise,
such shares of stock, other securities, cash and property. The provisions of
this paragraph (i) shall similarly apply to successive consolidations, mergers,
sales, leases or Transfers.

                  (j) NOTICES. Any notice, demand or delivery authorized by this
Warrant Certificate shall be in writing and shall be given to the Holder or the
Company, as the case may be, at its address (or telecopier number) set forth
below, or such other address (or telecopier number) as shall have been furnished
to the party giving or making such notice, demand or delivery:

If to the Company:         Weekly Reader Corporation
                           c/o Ripplewood Holdings L.L.C.
                           32nd Floor
                           One Rockefeller Plaza
                           New York, NY 10020
                           Attention:       Mr. Timothy C. Collins
                                            Mr. Charles L. Laurey
                           Telephone:       (212) 218-2719
                           Facsimile:       (212) 582-4110

With a copy to:            Cravath, Swaine & Moore

                           Worldwide Plaza
                           825 Eighth Avenue
                           New York, NY 10019
                           Attention:       Peter S. Wilson, Esq.
                           Telephone:       (212) 474-1767
                           Facsimile:       (212) 765-0978

If to the Holder:          [Holder]
                           [Address]
                           [Address]
                           Attention:
                           Telephone:
                           Facsimile:

                  Each such notice, demand or delivery shall be effective (i) if
given by telecopy, when such telecopy is transmitted to the telecopy number
specified herein and the intended recipient confirms the receipt of such
telecopy or (ii) if given by any other means, when received at the address
specified herein.

                  (k) RIGHTS OF THE HOLDER. Prior to the exercise of any
Warrant, the Holder shall not, by virtue hereof, be entitled to any rights of a
shareholder of the Company, including, without limitation, the right to vote, to
receive dividends or other distributions or to receive any notice of meetings of
shareholders or any notice of any proceedings of the Company except as may be
specifically provided for herein.

                                       12
<PAGE>

                  (l) GOVERNING LAW. THIS WARRANT CERTIFICATE AND ALL RIGHTS
ARISING HEREUNDER SHALL BE CONSTRUED AND DETERMINED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK, AND THE PERFORMANCE THEREOF SHALL BE
GOVERNED AND ENFORCED IN ACCORDANCE WITH SUCH LAWS.

                  (m) AMENDMENTS; WAIVERS. Any provision of this Warrant
Certificate may be amended or waived if, and only if, such amendment or waiver
is in writing and signed, in the case of an amendment, by the Holder and the
Company, or in the case of a waiver, by the party against whom the waiver is to
be effective. No failure or delay by either party in exercising any right, power
or privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

                  IN WITNESS WHEREOF, the Company has duly caused this Warrant
Certificate to be signed by its duly authorized officer and to be dated as of
November 17, 1999.

                                          WEEKLY READER CORPORATION

                                          By __________________________
                                             Name:
                                             Title:

Acknowledged and Agreed:

[HOLDER]

By ---------------------
   Title:

                                       13
<PAGE>

                             WARRANT EXERCISE NOTICE

        (To be delivered prior to exercise of the Warrant by execution of
                     the Warrant Exercise Subscription Form)

To:      Weekly Reader Corporation

         The undersigned hereby notifies you of its intention to exercise the
Warrant to purchase shares of Common Stock, par value $0.01 per share, of Weekly
Reader Corporation.

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at $____ per Share (the Exercise Price
currently in effect pursuant to the Warrant). The undersigned intends to pay the
aggregate Exercise Price for the Shares in cash, certified or official bank or
bank cashier's check (or a combination of cash and check) as indicated below.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") and wishes, in lieu of paying the Exercise
Price of $____ per share currently in effect pursuant to the Warrant, to receive
that number of shares reduced by a number of shares of Common Stock having an
aggregate Fair Market Value (as defined in the Warrant) equal to the aggregate
Exercise Price for the Shares.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at the Exercise Price of $____ per share
currently in effect pursuant to the Warrant, and intends to deliver as payment
that number of shares of Common Stock having an aggregate Fair Market Value (as
defined in the Warrant) equal to or in excess of the aggregate Exercise Price
for the Shares.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at the Exercise Price of $____ per share
currently in effect pursuant to the Warrant, and intends to deliver as payment
that number of Warrants which, if exercised, would result in a number of shares
of Common Stock having an aggregate Fair Market Value (as defined in the
Warrant) equal to or in excess of the aggregate Exercise Price for the Shares.

                                     -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at the Exercise Price of $____ per share
currently in effect pursuant to the Warrant, and intends to pay $_____ of the
aggregate Exercise Price for the Shares in cash, certified or official bank or
bank cashier's check (or a combination of cash and check) as indicated below,
and to

<PAGE>

deliver as payment of $____ of the aggregate Exercise Price that number of
shares of Common Stock having an aggregate Fair Market Value (as defined in the
Warrant) equal to or in excess of such portion of the aggregate Exercise Price
for the Shares.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at the Exercise Price of $____ per share
currently in effect pursuant to the Warrant, and intends to pay $_____ of the
aggregate Exercise Price for the Shares in cash, certified or official bank or
bank cashier's check (or a combination of cash and check) as indicated below,
and to deliver as payment of $____ of the aggregate Exercise Price that number
of Warrants which, if exercised, would result in a number of shares of Common
Stock having an aggregate Fair Market Value (as defined in the Warrant) equal to
or in excess of such portion of the aggregate Exercise Price for the Shares.
Date: __________ __, ____.

                                    --------------------------------
                                            (Signature of Holder)
                                    --------------------------------
                                            (Street Address)
                                    --------------------------------
                                            (City) (State) (Zip Code)

Payment:   $___________ cash
           $___________ check
           ____________ shares of Common Stock having a Fair Market
           Value of $___________
           _____________ Warrants exercisable for shares of Common Stock
           having a Fair Market Value of $__________

                                        2
<PAGE>

                           WARRANT SUBSCRIPTION FORM

     To:        Weekly Reader Corporation

         The undersigned irrevocably exercises the Warrant for the purchase of
___________ shares of Common Stock (the "SHARES"), par value $0.01 per share, of
Weekly Reader Corporation (the "COMPANY") at $_____ per Share (the Exercise
Price currently in effect pursuant to the Warrant) and herewith makes payment of
$___________ (such payment being made in cash or by certified or official bank
or bank cashier's check payable to the order of the Company or by any permitted
combination of such cash or check), all on the terms and conditions specified in
the Warrant Certificate, surrenders this Warrant Certificate and all right,
title and interest therein to the Company and directs that the Shares
deliverable upon the exercise of this Warrant be registered or placed in the
name and at the address specified below and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase of
___________ shares of Common Stock (the "SHARES"), par value $0.01 per share, of
Weekly Reader Corporation (the "COMPANY") at $_____ per Share (the Exercise
Price currently in effect pursuant to the Warrant) (provided that in lieu of
payment of $_________, the undersigned will receive a number of Shares reduced
by a number of shares of Common Stock having an aggregate Fair Market Value (as
defined in the Warrant) equal to the aggregate Exercise Price for the Shares),
all on the terms and conditions specified in the Warrant Certificate, surrenders
this Warrant Certificate and all right, title and interest therein to the
Company and directs that the Shares deliverable upon the exercise of this
Warrant be registered or placed in the name and at the address specified below
and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase of
_______ shares of Common Stock (the "SHARES"), par value $0.01 per share, of
Weekly Reader Corporation (the "COMPANY") at $____ per share (the Exercise Price
currently in effect pursuant to the Warrant) (such payment being made by
delivering that number of shares of Common Stock having an aggregate Fair Market
Value (as defined in the Warrant) equal to or in excess of the aggregate
Exercise Price for the Shares), all on the terms and conditions specified in the
Warrant Certificate, surrenders this Warrant Certificate and all right, title
and interest therein to the Company and directs that the Shares deliverable upon
the exercise of this Warrant be registered or placed in the name and at the
address specified below and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase of
_______ shares of Common Stock (the "SHARES"), par value $0.01 per share, of
Weekly Reader Corporation (the "COMPANY") at $____ per share (the Exercise Price
currently in effect pursuant to the Warrant) (such payment being made by

<PAGE>

delivering that number of Warrants which, if exercised, would result in a number
of shares of Common Stock having an aggregate Fair Market Value (as defined in
the Warrant) equal to or in excess of the aggregate Exercise Price for the
Shares), all on the terms and conditions specified in the Warrant Certificate,
surrenders this Warrant Certificate and all right, title and interest therein to
the Company and directs that the Shares deliverable upon the exercise of this
Warrant be registered or placed in the name and at the address specified below
and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase
__________ shares of Common Stock (the "SHARES"), par value $0.01 per share, of
Weekly Reader Corporation (the "COMPANY") at $_______ per Share (the Exercise
Price currently in effect pursuant to the Warrant), and herewith makes payment
of $_____ of the aggregate Exercise Price for the Shares in cash, certified or
official bank or bank cashier's check (or a combination of cash and check), and
herewith delivers as payment of $____ of the aggregate Exercise Price that
number of shares of Common Stock having an aggregate Fair Market Value (as
defined in the Warrant) equal to or in excess of such portion of the aggregate
Exercise Price for the Shares, all on the terms and conditions specified in the
Warrant Certificate, surrenders this Warrant Certificate and all right, title
and interest therein to the Company and directs that the Shares deliverable upon
the exercise of this Warrant be registered or placed in the name and at the
address specified below and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase of
__________ shares of Common Stock, par value $0.01 per share, of Weekly Reader
Corporation (the "COMPANY") at $____ per share (the Exercise Price currently in
effect pursuant to the Warrant), and herewith makes payment of $_____ of the
aggregate Exercise Price for the Shares in cash, certified or official bank or
bank cashier's check (or a combination of cash and check), and herewith delivers
as payment of $____ of the aggregate Exercise Price that number of Warrants
which, if exercised, would result in a number of shares of Common Stock having
an aggregate Fair Market Value (as defined in the Warrant) equal to or in excess
of such portion of the aggregate Exercise Price for the Shares, all on the terms
and conditions specified in the Warrant Certificate, surrenders this Warrant
Certificate and all right, title and interest therein to the Company and directs
that the Shares deliverable upon the exercise of this Warrant be registered or
placed in the name and at the address specified below and delivered thereto.

                                        2
<PAGE>

Date:
      ---------- --, ----.
                                    --------------------------------
                                            (Signature of Owner)
                                    --------------------------------
                                            (Street Address)
                                    --------------------------------
                                            (City) (State) (Zip Code)

         The signature to the foregoing Warrant Subscription Form must
correspond to the name as written upon the face of the accompanying Warrant or
any prior assignment thereof in every particular without alteration or
enlargement or any change whatsoever.

                                        3
<PAGE>

Securities and/or check to be issued to:

Please insert social security or identifying number:

     Name:

Street Address:
City, State and Zip Code:

Any unexercised portion of the Warrant evidenced by the within Warrant
Certificate to be issued to:

Please insert social security or identifying number:
Name:
Street Address:
City, State and Zip Code:

<PAGE>

                             WARRANT ASSIGNMENT FORM

                                                                    Dated_______

FOR VALUE RECEIVED,
                    ---------------------------------------------
hereby sells, assigns and transfers unto,

------------------------------------------------(the "ASSIGNEE"),
(please type or print in block letters)

-----------------------------------------------------------------
(insert address)

         its right to purchase shares of Common Stock represented by this
         Warrant and does hereby irrevocably constitute and appoint
         _______________________ Attorney, to transfer the same on the books of
         the Company, with full power of substitution in the premises.

         Signature
                  ----------------------------

                                     NOTICE:

         The signature to the foregoing Warrant Assignment Form must correspond
to the name as written upon the face of the accompanying Warrant or any prior
assignment thereof in every particular, without alteration or enlargement or any
change whatsoever.

<PAGE>

                                    EXHIBIT D
                                 Form of Warrant

                            JLC LEARNING CORPORATION

                      WARRANT FOR THE PURCHASE OF SHARES OF
                    COMMON STOCK OF JLC LEARNING CORPORATION

NO. ____                                                     WARRANT TO PURCHASE
                                                                     ____ SHARES

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD EXCEPT
     IN COMPLIANCE THEREWITH. THIS SECURITY IS ALSO SUBJECT TO ADDITIONAL
     RESTRICTIONS ON TRANSFER, VOTING AND OTHER MATTERS AS SET FORTH IN THE
     STOCKHOLDERS AGREEMENT (AS HEREIN DEFINED), COPIES OF WHICH MAY BE OBTAINED
     UPON REQUEST FROM THE COMPANY OR ANY SUCCESSOR THERETO.

         FOR VALUE RECEIVED, JLC LEARNING CORPORATION, a Delaware corporation
(the "COMPANY"), hereby certifies that [HOLDER], its successor or permitted
assigns (the "HOLDER"), is entitled, subject to the provisions of this Warrant,
to purchase from the Company, at the times specified herein, _____ fully paid
and non-assessable shares of voting common stock of the Company, par value $0.01
per share (the "WARRANT SHARES"), at a purchase price per share equal to the
Exercise Price (as hereinafter defined). The number of Warrant Shares to be
received upon the exercise of this Warrant and the price to be paid for a
Warrant Share are subject to adjustment from time to time as hereinafter set
forth. Notwithstanding the foregoing, the term "Warrant Shares," in the case of
any exercise of this Warrant by any DLJ Holder (as hereinafter defined) and any
transferee of any DLJ Holder that is also an Affiliate (as hereinafter defined)
of any DLJ Holder, but only in such case, shall be deemed to refer to fully paid
and non-assessable shares of non-voting common stock of the Company, par value
$0.01 per share.

         (a) DEFINITIONS.

         (1) The following terms, as used herein, have the following meanings:
"AFFILIATE" shall have the meaning given to such term in Rule 12b-2 promulgated
under the Securities and Exchange Act of 1934, as amended.

         "BUSINESS DAY" means any day except a Saturday, Sunday or other day on
which commercial banks in the City of New York are authorized by law to close.

<PAGE>

         "COMMON STOCK" means the Common Stock, par value $0.01 per share, of
the Company or other capital stock of the Company that is not preferred as to
liquidation or dividends.

         "DLJ HOLDERS" means DLJ Merchant Banking Partners II, L.P., DLJ
Merchant Banking Partners II-A, L.P., DLJ Offshore Partners II, C.V., DLJ
Diversified Partners, L.P., DLJ Diversified Partners-A, L.P., DLj Millennium
Partners, L.P., DLJ Millennium Partners-A, L.P., DLJMB Funding II, Inc., DLJ EAB
Partners, L.P., DLJ ESC II, L.P. and DLJ First ESC, L.P.

         "DULY ENDORSED" means duly endorsed in blank by the Person or Persons
in whose name a stock certificate is registered or accompanied by a duly
executed stock assignment separate from the certificate with the signature(s)
thereon guaranteed by a commercial bank or trust company or a member of a
national securities exchange or of the National Association of Securities
Dealers, Inc.

         "EXERCISE PRICE" means $0.01 per Warrant Share, such Exercise Price to
be adjusted from time to time as provided herein.

         "EXPIRATION DATE" means November 17, 2011  at 5:00 p.m. New York City
time.

         "FAIR MARKET VALUE" means, with respect to one share of Common Stock on
any date, the Current Market Price Per Common Share determined pursuant to
paragraph (h)(6) hereof.

         "PERSON" means an individual, partnership, corporation, limited
liability company, trust, joint stock company, association, joint venture, or
any other entity or organization, including a government or political
subdivision or an agency or instrumentality thereof.

         "PRINCIPAL HOLDERS" means, on any date, the Holders of at least 662/3%
of the Warrants.

         "STOCKHOLDERS AGREEMENT" means the Amended and Restated Stockholders
Agreement dated as of the date hereof among WRC Media Inc., Weekly Reader
Corporation, the Company, Ripplewood Partners, L.P., the Northwestern Mutual
Life Insurance Company, SGC Partners II LLC, DLJ Merchant Banking Partners II,
L.P., DLJ Merchant Banking Partners II-A, L.P., DLJ Offshore Partners II, C.V.,
DLJ Diversified Partners, L.P., DLJ Diversified Partners-A, L.P., DLJ Millennium
Partners, L.P., DLJ Millennium Partners-A, L.P., DLJMB Funding II, Inc., DLJ EAB
Partners, L.P., DLJ ESC II, L.P., DLJ First ESC, L.P., EAC III LLC and the other
Buyers listed on the signature pages thereto.

         "TRANSFER" means to directly or indirectly sell, transfer, assign or
otherwise dispose of.

         "WARRANTS" means the Warrants issued to the subscribers under the
Preferred Stock and Warrants Subscription Agreement dated as of the date hereof
among the Company and the subscribers listed on the signature pages thereof.

                                        2
<PAGE>

         (2) Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Stockholders Agreement.

         (b) EXERCISE OF WARRANT.

         (1) The Holder is entitled to exercise this Warrant in whole or in part
at any time, or from time to time, until the Expiration Date or, if such day is
not a Business Day, then on the next succeeding day that shall be a Business
Day. To exercise this Warrant, the Holder shall execute and deliver to the
Company a Warrant Exercise Notice substantially in the form annexed hereto. No
earlier than ten days after delivery of the Warrant Exercise Notice, the Holder
shall deliver to the Company this Warrant Certificate, including the Warrant
Exercise Subscription Form forming a part hereof duly executed by the Holder,
together with payment of the applicable Exercise Price, PROVIDED HOWEVER, that
in connection with a public offering of the Common Stock, a Holder may deliver
the Warrant Exercise Notice, the Warrant Exercise Subscription Form and this
Warrant Certificate, together with payment of the applicable Exercise Price, to
the Company simultaneously. Upon such delivery and payment, the Holder shall be
deemed to be the holder of record of the Warrant Shares subject to such
exercise, notwithstanding that the stock transfer books of the Company shall
then be closed or that certificates representing such Warrant Shares shall not
then be actually delivered to the Holder. Notwithstanding anything herein to the
contrary, in lieu of payment in cash of the applicable Exercise Price, the
Holder may elect (i) to receive upon exercise of this Warrant, the number of
Warrant Shares reduced by a number of shares of Common Stock having the
aggregate Fair Market Value equal to the aggregate Exercise Price for the
Warrant Shares, (ii) to deliver as payment, in whole or in part of the aggregate
Exercise Price, shares of Common Stock having the aggregate Fair Market Value
equal to or in excess of the applicable portion of the aggregate Exercise Price
for the Warrant Shares or (iii) to deliver as payment, in whole or in part of
the aggregate Exercise Price, such number of Warrants which, if exercised, would
result in a number of shares of Common Stock having an aggregate Fair Market
Value equal to or in excess of the applicable portion of the aggregate Exercise
Price for the Warrant Shares. Notwithstanding anything to the contrary in this
paragraph (b)(1), if the aggregate Fair Market Value of the Common Stock applied
or delivered pursuant to (i), (ii) or (iii) above exceeds the aggregate Exercise
Price, in no event shall the Holder be entitled to receive any amounts from the
Company.

         (2) The Exercise Price may be paid in cash or by certified or official
     bank check or bank cashier's check payable to the order of the Company or
     by any combination of such cash or check. The Company shall pay any and all
     documentary, stamp or similar issue or transfer taxes payable in respect of
     the issue or delivery of the Warrant Shares; PROVIDED HOWEVER, that the
     Company shall not be required to pay any such documentary, stamp, issue or
     transfer taxes payable in respect of the issue or delivery of the Warrant
     Shares or any Warrant Certificate in a name other than that of the Holder.

         (3) If the Holder exercises this Warrant in part, this Warrant
     Certificate shall be surrendered by the Holder to the Company and a new
     Warrant Certificate of the same tenor and for the unexercised number of
     Warrant Shares shall be executed by the Company. The Company shall register
     the

                                        3
<PAGE>

     new Warrant Certificate in the name of the Holder or in such name or names
     of its transferee pursuant to paragraph (f) hereof as may be directed in
     writing by the Holder and deliver the new Warrant Certificate to the Person
     or Persons entitled to receive the same; PROVIDED HOWEVER, that the Company
     shall not be required to deliver any such new Warrant Certificate until any
     taxes referred to in the proviso to the foregoing clause (2) shall have
     been paid.

         (4) Upon surrender of this Warrant Certificate in conformity with the
     foregoing provisions, the Company shall transfer to the Holder of this
     Warrant Certificate appropriate evidence of ownership of the shares of
     Common Stock or other securities or property (including any money) to which
     the Holder is entitled, registered or payable to the order of, the name or
     names of the Holder or such transferee as may be directed in writing by the
     Holder, and shall deliver such evidence of ownership and any other
     securities or property (including any money) to the Person or Persons
     entitled to receive the same, together with an amount in cash in lieu of
     any fraction of a share as provided in paragraph (e) below; PROVIDED
     HOWEVER, that the Company shall not be required to deliver any such
     evidence of ownership until any taxes referred to in the proviso to the
     foregoing clause (2) shall have been paid.

         (c) RESTRICTIVE LEGEND. Certificates representing shares of Common
Stock issued pursuant to this Warrant shall bear a legend substantially in the
form of the legend set forth on the first page of this Warrant Certificate to
the extent that and for so long as such legend is required pursuant to the
Stockholders Agreement.

         (d) RESERVATION OF SHARES. The Company hereby agrees that at all times
there shall be reserved for issuance and delivery upon exercise of this Warrant
such number of its authorized but unissued shares of Common Stock or other
securities of the Company from time to time issuable upon exercise of this
Warrant as will be sufficient to permit the exercise in full of this Warrant.
All such shares shall be duly authorized and, when issued upon such exercise,
shall be validly issued, fully paid and non-assessable, free and clear of all
liens, security interests, charges and other encumbrances or restrictions on
sale and free and clear of all preemptive rights, except to the extent set forth
in the Stockholders Agreement.

         (e) FRACTIONAL SHARES. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant and in lieu
of delivery of any such fractional share upon any exercise hereof, the Company
shall pay to the Holder an amount in cash equal to such fraction multiplied by
the Current Market Price Per Common Share (as defined in paragraph (h)(6)) at
the date of such exercise.

         The Company further agrees that it will not change the par value of the
Common Stock from par value $0.01 per share to any higher par value which
exceeds the Exercise Price then in effect, and will reduce the par value of the
Common Stock upon any event described in paragraph (h) that (i) provides for an
increase in the number of shares of Common Stock subject to purchase upon
exercise of this Warrant, in inverse proportion to and effective at the same
time as such number of shares is increased, but only to the extent that such
increase in the

                                        4
<PAGE>

number of shares, together with all other such increases after the date hereof,
causes the aggregate Exercise Price of all Warrants (without giving effect to
any exercise thereof) to be greater than $14.95 or (ii) would, but for this
provision, reduce the Exercise Price below the par value of the Common Stock.

         (f) EXCHANGE, TRANSFER OR ASSIGNMENT OF WARRANT.

         (1) This Warrant and the Warrant Shares are subject to the
     provisions of the Stockholders Agreement, including the restrictions on
     transfer. Each taker and holder of this Warrant Certificate, by taking
     or holding the same, consents and agrees that the registered holder
     hereof may be treated by the Company and all other persons dealing with
     this Warrant Certificate as the absolute owner hereof for any purpose
     and as the person entitled to exercise the rights represented hereby.
     The Holder, by its acceptance of this Warrant, will be subject to the
     provisions of, and will have the benefits of, the Stockholders Agreement
     to the extent set forth therein, including the transfer restrictions and
     the registration rights included therein.

         (2) Subject to compliance with the transfer restrictions set forth in
     the Stockholders Agreement, upon surrender of this Warrant to the Company,
     together with the attached Warrant Assignment Form duly executed, the
     Company shall, without charge, execute and deliver a new Warrant in the
     name of the assignee or assignees named in such instrument of assignment
     and, if the Holder's entire interest is not being assigned, in the name of
     the Holder and this Warrant shall promptly be canceled. The Company may
     require payment of a sum sufficient to pay all documentary, stamp or
     similar issue or transfer taxes payable 0in respect of any transfer,
     exchange or assignment pursuant to this paragraph (f).

         (g) LOSS OR DESTRUCTION OF WARRANT. Upon receipt by the
Company of evidence satisfactory to it (in the exercise of its reasonable
discretion) of the loss, theft, destruction or mutilation of this Warrant
Certificate, and (in the case of loss, theft or destruction) of reasonably
satisfactory indemnification, and upon surrender and cancellation of this
Warrant Certificate, if mutilated, the Company shall execute and deliver a new
Warrant Certificate of like tenor and date.

         (h) ANTI-DILUTION PROVISIONS. The Exercise Price of this Warrant and
the number of shares of Common Stock for which this Warrant may be exercised
shall be subject to adjustment from time to time upon the occurrence of certain
events as provided in this paragraph (h); PROVIDED that, notwithstanding
anything to the contrary contained herein, the Exercise Price shall not be less
than the par value of the Common Stock, as such par value may be reduced from
time to time in accordance with paragraph (e).

         (1) In case the Company shall at any time after the date hereof (i)
     declare a dividend or make a distribution on Common Stock payable in Common
     Stock, (ii) subdivide or split the outstanding Common Stock, (iii) combine
     or reclassify the outstanding Common Stock into a smaller number of shares,
     or (iv) issue any shares of its capital stock in a reclassification of
     Common Stock (including any such reclassification in connection with a
     consolidation or

                                        5
<PAGE>

     merger in which the Company is the continuing corporation), the Exercise
     Price in effect at the time of the record date for such dividend or
     distribution or of the effective date of such subdivision, split,
     combination or reclassification shall be proportionately adjusted so that,
     giving effect to paragraph (h)(9), the exercise of this Warrant after such
     time shall entitle the holder to receive the aggregate number of shares of
     Common Stock or other securities of the Company (or shares of any security
     into which such shares of Common Stock have been reclassified pursuant to
     clause (iii) or (iv) above) which, if this Warrant had been exercised
     immediately prior to such time, such holder would have owned upon such
     exercise and been entitled to receive by virtue of such dividend,
     distribution, subdivision, split, combination or reclassification. Such
     adjustment shall be made successively whenever any event listed above shall
     occur.

         (2) In case the Company shall issue or sell any Common Stock (other
     than Common Stock issued (I) upon exercise of the Warrants, (II) pursuant
     to any Common Stock related employee compensation plan of the Company
     approved by the Company's Board of Directors; PROVIDED that no more than
     1,000 shares of Common Stock may be issued pursuant to the exception set
     forth in this clause (II) of paragraph (h)(2), (III) upon exercise or
     conversion of any security the issuance of which caused an adjustment under
     paragraphs (h)(3) or (h)(4) or (iv) to the public in a bona fide public
     offering registered under the Securities Act of 1933, as amended, and the
     rules and regulations of the Securities and Exchange Commission promulgated
     thereunder), the Exercise Price to be in effect after such issuance or sale
     shall be determined by multiplying the Exercise Price in effect immediately
     prior to such issuance or sale by a fraction, the numerator of which shall
     be the sum of (x) the number of shares of Common Stock outstanding
     immediately prior to the time of such issuance or sale multiplied by the
     Current Market Price Per Common Share immediately prior to such issuance or
     sale and (y) the aggregate consideration, if any, to be received by the
     Company upon such issuance or sale, and the denominator of which shall be
     the product of the aggregate number of shares of Common Stock outstanding
     immediately after such issuance or sale and the Current Market Price Per
     Common Share immediately prior to such issuance or sale but in no event
     will such fraction exceed 1. In case any portion of the consideration to be
     received by the Company shall be in a form other than cash, the fair market
     value of such noncash consideration shall be utilized in the foregoing
     computation. Such fair market value shall be determined by the Board of
     Directors of the Company; PROVIDED that if the Principal Holders shall
     object to any such determination, the Board of Directors shall retain an
     independent appraiser reasonably satisfactory to the Principal Holders to
     determine such fair market value, the fees and expenses of such independent
     appraiser to be paid (i) by the Company if the fair market value as
     determined by such appraiser is less than the fair market value as
     determined by the Board of Directors of the Company and (ii) by the Holders
     otherwise. The Holder shall be notified promptly of any consideration other
     than cash to be received by the Company and furnished with a description of
     the consideration and the fair market value thereof, as determined by the
     Board of Directors.

         (3) In case the Company shall fix a record date for the issuance of
     rights, options or warrants to the holders of its Common Stock or other
     securities

                                        6
<PAGE>

     entitling such holders to subscribe for or purchase for a period expiring
     within 60 days of such record date shares of Common Stock (or securities
     convertible into shares of Common Stock) at a price per share of Common
     Stock (or having a conversion price per share of Common Stock, if a
     security convertible into shares of Common Stock) less than the Current
     Market Price Per Common Share on such record date, the maximum number of
     shares of Common Stock issuable upon exercise of such rights, options or
     warrants (or conversion of such convertible securities) shall be deemed to
     have been issued and outstanding as of such record date and the Exercise
     Price shall be adjusted pursuant to paragraph (h)(2), as though such
     maximum number of shares of Common Stock had been so issued for an
     aggregate consideration payable by the holders of such rights, options,
     warrants or convertible securities prior to their receipt of such shares of
     Common Stock. In case any portion of such consideration shall be in a form
     other than cash, the fair market value of such noncash consideration shall
     be determined as set forth in paragraph (h)(2). Such adjustment shall be
     made successively whenever such record date is fixed; and in the event that
     such rights, options or warrants are not so issued or expire unexercised,
     or in the event of a change in the number of shares of Common Stock to
     which the holders of such rights, options, warrants or convertible
     securities are entitled (other than pursuant to adjustment provisions
     therein which are no more favorable in their entirety than those contained
     in this paragraph (h)), the Exercise Price shall again be adjusted to be
     the Exercise Price which would then be in effect if such record date had
     not been fixed, in the former event, or the Exercise Price which would then
     be in effect if such holder had initially been entitled to such changed
     number of shares of Common Stock, in the latter event.

         (4) In case the Company shall sell or issue rights, options (other than
     options issued pursuant to a plan described in clause (II) of paragraph
     (h)(2)) warrants or other securities entitling the holders thereof to
     subscribe for or purchase Common Stock (or securities convertible into
     shares of Common Stock), and the price per share of Common Stock (or the
     conversion price per share of Common Stock, if the security is convertible
     into shares of Common Stock) with respect to such right, option or warrant
     is less than the Current Market Price Per Common Share, the maximum number
     of shares of Common Stock issuable upon exercise of such rights, options or
     warrants (or upon conversion of such convertible securities) shall be
     deemed to have been issued and outstanding as of the date of such sale or
     issuance, and the Exercise Price shall be adjusted pursuant to paragraph
     (h)(2), as though such maximum number of shares of Common Stock had been so
     issued for an aggregate consideration equal to the aggregate consideration
     paid for such rights, options, warrants or convertible securities and the
     aggregate consideration payable by the holders of such rights, options,
     warrants or convertible securities prior to their receipt of such shares of
     Common Stock. In case any portion of such consideration shall be in a form
     other than cash, the fair market value of such noncash consideration shall
     be determined as set forth in paragraph (h)(2) hereof. Such adjustment
     shall be made successively whenever such rights, options, warrants or
     convertible securities are issued; and in the event that such rights,
     options or warrants expire unexercised, or in the event of a change in the
     number of shares of Common Stock to which the holders of such rights,
     options, warrants or convertible securities are entitled

                                       7
<PAGE>

     (other than pursuant to adjustment provisions therein which are no more
     favorable in their entirety than those contained in this paragraph (h)),
     the Exercise Price shall again be adjusted to be the Exercise Price which
     would then be in effect if such rights, options, warrants or convertible
     securities had not been issued, in the former event, or the Exercise Price
     which would then be in effect if such holders had initially been entitled
     to such changed number of shares of Common Stock, in the latter event. No
     adjustment of the Exercise Price shall be made pursuant to this paragraph
     (h)(4) to the extent that the Exercise Price shall have been adjusted
     pursuant to paragraph (h)(3) upon the setting of any record date relating
     to such rights, options, warrants or convertible securities and such
     adjustment fully reflects the number of shares of Common Stock to which the
     holders of such rights, options, warrants or convertible securities are
     entitled and the price payable therefor.

         (5) In case the Company shall fix a record date for the making of a
     distribution to holders of Common Stock (including any such distribution
     made in connection with a consolidation or merger in which the Company is
     the continuing corporation) of evidences of indebtedness, cash, assets or
     other property (other than dividends payable in Common Stock or rights,
     options or warrants referred to in, and for which an adjustment is made
     pursuant to, paragraph (h)(3)), the Exercise Price to be in effect after
     such record date shall be determined by multiplying the Exercise Price in
     effect immediately prior to such record date by a fraction, the numerator
     of which shall be the Current Market Price Per Common Share on such record
     date, less the fair market value (determined as set forth in paragraph
     (h)(2)) of the portion of the assets, cash, other property or evidence of
     indebtedness so to be distributed which is applicable to one share of
     Common Stock, and the denominator of which shall be such Current Market
     Price Per Common Share. Such adjustments shall be made successively
     whenever such a record date is fixed; and in the event that such
     distribution is not so made, the Exercise Price shall again be adjusted to
     be the Exercise Price which would then be in effect if such record date had
     not been fixed.

         (6) For the purpose of any computation under paragraph (e) or paragraph
     (h)(2), (3), (4) or (5), on any determination date, the Current Market
     Price Per Common Share shall be deemed to be the average (weighted by daily
     trading volume) of the Daily Prices (as defined below) per share of the
     Common Stock for the 20 consecutive trading days ending three days prior to
     such date.

         "DAILY PRICE" means (1) if the shares of Common Stock then are listed
and traded on the New York Stock Exchange, Inc. ("NYSE"), the closing price on
such day as reported on the NYSE Composite Transactions Tape; (2) if the shares
of Common Stock then are not listed and traded on the NYSE, the closing price on
such day as reported by the principal national securities exchange on which the
shares are listed and traded; (3) if the shares of Common Stock then are not
listed and traded on any such securities exchange, the last reported sale price
on such day on the National Market of the National Association of Securities
Dealers, Inc. Automated Quotation System ("NASDAQ"); (4) if the shares of Common
Stock then are not listed and traded on any such securities exchange and not
traded on the NASDAQ National Market, the average of the highest reported bid
and lowest reported asked price on such day as reported by NASDAQ; or (5) if
such shares

                                       8
<PAGE>

are not listed and traded on any such securities exchange, not traded on the
NASDAQ National Market and bid and asked prices are not reported by NASDAQ, then
the average of the closing bid and asked prices, as reported by The Wall Street
Journal for the over-the-counter market. If on any determination date the shares
of Common Stock are not quoted by any such organization, the Current Market
Price Per Common Share shall be the fair market value of such shares on such
determination date as determined by the Board of Directors, without regard to
considerations of the lack of liquidity, applicable regulatory restrictions or
any of the transfer restrictions or other obligations imposed on such shares set
forth in the Stockholders Agreement. If the Principal Holders shall object to
any determination by the Board of Directors of the Current Market Price Per
Common Share, the Current Market Price Per Common Share shall be the fair market
value per share of the applicable class of Common Stock as determined by an
independent appraiser retained by the Company and reasonably acceptable to the
Principal Holders, the fees and expenses of such independent appraiser to be
paid (i) by the Company if the Current Market Price Per Common Share as
determined by such appraiser less than the Current Market Price Per Common Share
as determined by the Board of Directors of the Company and (ii) by the Holders
otherwise. For purposes of any computation under this paragraph (h), the number
of shares of Common Stock outstanding at any given time shall not include shares
owned or held by or for the account of the Company.

         (7) No adjustment in the Exercise Price shall be required unless such
     adjustment would require an increase or decrease of at least one percent in
     such price; PROVIDED that any adjustments which by reason of this paragraph
     (h)(7) are not required to be made shall be carried forward and taken into
     account in any subsequent adjustment. All calculations under this paragraph
     (h) shall be made to the nearest one tenth of a cent or to the nearest
     hundredth of a share, as the case may be.

         (8) In the event that, at any time as a result of the provisions of
     this paragraph (h), the holder of this Warrant upon subsequent exercise
     shall become entitled to receive any shares of capital stock or other
     securities of the Company other than Common Stock, the number of such other
     shares so receivable upon exercise of this Warrant shall thereafter be
     subject to adjustment from time to time in a manner and on terms as nearly
     equivalent as practicable to the provisions contained herein.

         (9) Upon each adjustment of the Exercise Price as a result of the
     calculations made in paragraph (h)(1), (2), (3), (4) or (5), the number of
     shares for which this Warrant is exercisable immediately prior to the
     making of such adjustment shall thereafter evidence the right to purchase,
     at the adjusted Exercise Price, that number of shares of Common Stock
     obtained by (i) multiplying the number of shares covered by this Warrant
     immediately prior to this adjustment of the number of shares by the
     Exercise Price in effect immediately prior to such adjustment of the
     Exercise Price and (ii) dividing the product so obtained by the Exercise
     Price in effect immediately after such adjustment of the Exercise Price.

         (10) The Company shall notify all Holders of the fixing of a record
     date for the purpose of payment of a cash dividend to holders of Common
     Stock as

                                       9
<PAGE>

     soon as reasonably practicable, but in no event less than 20 days prior to
     any such record date.

         (11) Not less than 10 nor more than 30 days prior to the record date or
     effective date, as the case may be, of any action which requires or might
     require an adjustment or readjustment pursuant to this paragraph (h), the
     Company shall forthwith file in the custody of the secretary or an
     assistant secretary of the Company at its principal executive office and
     with its stock transfer agent or its warrant agent, if any, an officers'
     certificate showing the adjusted Exercise Price determined as herein
     provided, setting forth in reasonable detail the facts requiring such
     adjustment and the manner of computing such adjustment. Each such officers'
     certificate shall be signed by the chairman, president or chief financial
     officer of the Company and by the secretary or any assistant secretary of
     the Company. Each such officers' certificate shall be made available at all
     reasonable times for inspection by the Holder or any holder of a Warrant
     executed and delivered pursuant to paragraph (f) and the Company shall,
     forthwith after each such adjustment, mail a copy, by first-class mail, of
     such certificate to the Holder.

         (12) The Holder shall, at its option, be entitled to receive, in lieu
     of the adjustment pursuant to paragraph (h)(5) otherwise required thereof,
     on the date of exercise of the Warrants, the evidences of indebtedness,
     other securities, cash, property or other assets which such Holder would
     have been entitled to receive if it had exercised its Warrants for shares
     of Common Stock immediately prior to the record date with respect to such
     distribution. The Holder may exercise its option under this paragraph
     (h)(12) by delivering to the Company a written notice of such exercise
     within seven days of its receipt of the certificate of adjustment required
     pursuant to paragraph (h)(11) to be delivered by the Company in connection
     with such distribution.

(i) CONSOLIDATION, MERGER, OR SALE OF ASSETS. In case of any consolidation of
the Company with, or merger of the Company into, any other Person, any merger of
another Person into the Company (other than a merger which does not result in
any reclassification, conversion, exchange or cancellation of outstanding shares
of Common Stock) or any sale or Transfer of all or substantially all of the
assets of the Company or of the Person formed by such consolidation or resulting
from such merger or which acquires such assets, as the case may be, the Holder
shall have the right thereafter to exercise this Warrant for the kind and amount
of securities, cash and other property receivable upon such consolidation,
merger, sale or Transfer by a holder of the number of shares of Common Stock for
which this Warrant may have been exercised immediately prior to such
consolidation, merger, sale or Transfer, assuming (i) such holder of Common
Stock is not a Person with which the Company consolidated or into which the
Company merged or which merged into the Company or to which such sale or
Transfer was made, as the case may be ("CONSTITUENT PERSON"), or an Affiliate of
a constituent Person and (ii) in the case of a consolidation, merger, sale or
Transfer which includes an election as to the consideration to be received by
the holders, such holder of Common Stock failed to exercise its rights of
election, as to the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, sale or Transfer (provided that if
the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, sale or Transfer is not the same for each share of Common
Stock held immediately prior to such consolidation, merger, sale or Transfer by
other than a constituent Person or an Affiliate thereof and in respect of which
such rights of

                                       10
<PAGE>

election shall not have been exercised ("NON-ELECTING SHARE"), then for the
purpose of this paragraph (i) the kind and amount of securities, cash and other
property receivable upon such consolidation, merger, sale or Transfer by each
non-electing share shall be deemed to be the kind and amount so receivable per
share by a plurality of the non-electing shares). Adjustments for events
subsequent to the effective date of such a consolidation, merger and sale of
assets shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Warrant.

In any such event, effective provisions shall be made in the certificate or
articles of incorporation of the resulting or surviving corporation, in any
contract of sale, conveyance, lease or Transfer, or otherwise so that the
provisions set forth herein for the protection of the rights of the Holder shall
thereafter continue to be applicable; and any such resulting or surviving
corporation shall expressly assume the obligation to deliver, upon exercise,
such shares of stock, other securities, cash and property. The provisions of
this paragraph (i) shall similarly apply to successive consolidations, mergers,
sales, leases or Transfers.

(j) NOTICES. Any notice, demand or delivery authorized by this Warrant
Certificate shall be in writing and shall be given to the Holder or the Company,
as the case may be, at its address (or telecopier number) set forth below, or
such other address (or telecopier number) as shall have been furnished to the
party giving or making such notice, demand or delivery:

If to the Company:         JLC Learning Corporation
                           c/o Ripplewood Holdings L.L.C.
                           32nd Floor
                           One Rockefeller Plaza
                           New York, NY 10020
                           Attention:   Mr. Timothy C. Collins
                                        Mr. Charles L. Laurey
                           Telephone:   (212) 218-2719
                           Facsimile:   (212) 582-4110

With a copy to:            Cravath, Swaine & Moore
                           Worldwide Plaza
                           825 Eighth Avenue
                           New York, NY 10019
                           Attention:   Peter S. Wilson, Esq.
                           Telephone:   (212) 474-1767
                           Facsimile:   (212) 765-0978

If to the Holder:          [Holder]
                           [Address]
                           [Address]
                           Attention:
                           Telephone:
                           Facsimile:

Each such notice, demand or delivery shall be effective (i) if given by
telecopy, when such telecopy is transmitted to the telecopy number specified
herein and the intended recipient confirms the receipt of such telecopy or (ii)
if given by any other means, when received at the address specified herein.

                                       11
<PAGE>

(k) RIGHTS OF THE HOLDER. Prior to the exercise of any Warrant, the Holder shall
not, by virtue hereof, be entitled to any rights of a shareholder of the
Company, including, without limitation, the right to vote, to receive dividends
or other distributions or to receive any notice of meetings of shareholders or
any notice of any proceedings of the Company except as may be specifically
provided for herein.

(l) GOVERNING LAW. THIS WARRANT CERTIFICATE AND ALL RIGHTS ARISING HEREUNDER
SHALL BE CONSTRUED AND DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK, AND THE PERFORMANCE THEREOF SHALL BE GOVERNED AND ENFORCED IN
ACCORDANCE WITH SUCH LAWS.

(m) AMENDMENTS; WAIVERS. Any provision of this Warrant Certificate may be
amended or waived if, and only if, such amendment or waiver is in writing and
signed, in the case of an amendment, by the Holder and the Company, or in the
case of a waiver, by the party against whom the waiver is to be effective. No
failure or delay by either party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by law.

         IN WITNESS WHEREOF, the Company has duly caused this Warrant
Certificate to be signed by its duly authorized officer and to be dated as of
November 17, 1999.

                                          JLC LEARNING CORPORATION

                                          By __________________________
                                             Name:
                                             Title:

Acknowledged and Agreed:

[HOLDER]

By ___________________________
   Title:

                                       12
<PAGE>

                             WARRANT EXERCISE NOTICE

        (To be delivered prior to exercise of the Warrant by execution of
                     the Warrant Exercise Subscription Form)

To:      JLC Learning Corporation

         The undersigned hereby notifies you of its intention to exercise the
Warrant to purchase shares of Common Stock, par value $0.01 per share, of [JLC
Learning Corporation].

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at $____ per Share (the Exercise Price
currently in effect pursuant to the Warrant). The undersigned intends to pay the
aggregate Exercise Price for the Shares in cash, certified or official bank or
bank cashier's check (or a combination of cash and check) as indicated below.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") and wishes, in lieu of paying the Exercise
Price of $____ per share currently in effect pursuant to the Warrant, to receive
that number of shares reduced by a number of shares of Common Stock having an
aggregate Fair Market Value (as defined in the Warrant) equal to the aggregate
Exercise Price for the Shares.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at the Exercise Price of $____ per share
currently in effect pursuant to the Warrant, and intends to deliver as payment
that number of shares of Common Stock having an aggregate Fair Market Value (as
defined in the Warrant) equal to or in excess of the aggregate Exercise Price
for the Shares.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at the Exercise Price of $____ per share
currently in effect pursuant to the Warrant, and intends to deliver as payment
that number of Warrants which, if exercised, would result in a number of shares
of Common Stock having an aggregate Fair Market Value (as defined in the
Warrant) equal to or in excess of the aggregate Exercise Price for the Shares.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at the Exercise Price of $____ per share
currently in effect pursuant to the Warrant, and intends to pay $_____ of the
aggregate Exercise Price for the Shares in cash, certified or official bank or
bank cashier's check (or a combination of cash and check) as indicated below,
and to

<PAGE>

deliver as payment of $____ of the aggregate Exercise Price that number of
shares of Common Stock having an aggregate Fair Market Value (as defined in the
Warrant) equal to or in excess of such portion of the aggregate Exercise Price
for the Shares.

                                      -OR-

         The undersigned intends to exercise the Warrant to purchase __________
shares of Common Stock (the "SHARES") at the Exercise Price of $____ per share
currently in effect pursuant to the Warrant, and intends to pay $_____ of the
aggregate Exercise Price for the Shares in cash, certified or official bank or
bank cashier's check (or a combination of cash and check) as indicated below,
and to deliver as payment of $____ of the aggregate Exercise Price that number
of Warrants which, if exercised, would result in a number of shares of Common
Stock having an aggregate Fair Market Value (as defined in the Warrant) equal to
or in excess of such portion of the aggregate Exercise Price for the Shares.

         Date: __________ __, ____.

                        --------------------------------
                            (Signature of Holder)
                        --------------------------------
                            (Street Address)
                        --------------------------------
                            (City) (State) (Zip Code)

Payment:   $___________ cash
           $___________ check
           ____________ shares of Common Stock having a Fair Market
           Value of $___________
           _____________ Warrants exercisable for shares of Common Stock
           having a Fair Market Value of $__________

                                       2
<PAGE>

                                    WARRANT SUBSCRIPTION FORM

To:      JLC Learning Corporation

         The undersigned irrevocably exercises the Warrant for the purchase of
___________ shares of Common Stock (the "SHARES"), par value $0.01 per share, of
JLC Learning Corporation (the "COMPANY") at $_____ per Share (the Exercise Price
currently in effect pursuant to the Warrant) and herewith makes payment of
$___________ (such payment being made in cash or by certified or official bank
or bank cashier's check payable to the order of the Company or by any permitted
combination of such cash or check), all on the terms and conditions specified in
the Warrant Certificate, surrenders this Warrant Certificate and all right,
title and interest therein to the Company and directs that the Shares
deliverable upon the exercise of this Warrant be registered or placed in the
name and at the address specified below and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase of
___________ shares of Common Stock (the "SHARES"), par value $0.01 per share, of
JLC Learning Corporation (the "COMPANY") at $_____ per Share (the Exercise Price
currently in effect pursuant to the Warrant) (provided that in lieu of payment
of $_________, the undersigned will receive a number of Shares reduced by a
number of shares of Common Stock having an aggregate Fair Market Value (as
defined in the Warrant) equal to the aggregate Exercise Price for the Shares),
all on the terms and conditions specified in the Warrant Certificate, surrenders
this Warrant Certificate and all right, title and interest therein to the
Company and directs that the Shares deliverable upon the exercise of this
Warrant be registered or placed in the name and at the address specified below
and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase of
_______ shares of Common Stock (the "SHARES"), par value $0.01 per share, of JLC
Learning Corporation (the "COMPANY") at $____ per share (the Exercise Price
currently in effect pursuant to the Warrant) (such payment being made by
delivering that number of shares of Common Stock having an aggregate Fair Market
Value (as defined in the Warrant) equal to or in excess of the aggregate
Exercise Price for the Shares), all on the terms and conditions specified in the
Warrant Certificate, surrenders this Warrant Certificate and all right, title
and interest therein to the Company and directs that the Shares deliverable upon
the exercise of this Warrant be registered or placed in the name and at the
address specified below and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase of
_______ shares of Common Stock (the "SHARES"), par value $0.01 per share, of JLC
Learning Corporation (the "COMPANY") at $____ per share (the Exercise

<PAGE>

Price currently in effect pursuant to the Warrant) (such payment being made by
delivering that number of Warrants which, if exercised, would result in a number
of shares of Common Stock having an aggregate Fair Market Value (as defined in
the Warrant) equal to or in excess of the aggregate Exercise Price for the
Shares), all on the terms and conditions specified in the Warrant Certificate,
surrenders this Warrant Certificate and all right, title and interest therein to
the Company and directs that the Shares deliverable upon the exercise of this
Warrant be registered or placed in the name and at the address specified below
and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase
__________ shares of Common Stock (the "SHARES"); par value $0.01 per share, of
JLC Learning Corporation (the "COMPANY") at $_______ per Share (the Exercise
Price currently in effect pursuant to the Warrant), and herewith makes payment
of $_____ of the aggregate Exercise Price for the Shares in cash, certified or
official bank or bank cashier's check (or a combination of cash and check), and
herewith delivers as payment of $____ of the aggregate Exercise Price that
number of shares of Common Stock having an aggregate Fair Market Value (as
defined in the Warrant) equal to or in excess of such portion of the aggregate
Exercise Price for the Shares, all on the terms and conditions specified in the
Warrant Certificate, surrenders this Warrant Certificate and all right, title
and interest therein to the Company and directs that the Shares deliverable upon
the exercise of this Warrant be registered or placed in the name and at the
address specified below and delivered thereto.

                                      -OR-

         The undersigned irrevocably exercises the Warrant for the purchase of
__________ shares of Common Stock, par value $0.01 per share, of JLC Learning
Corporation (the "COMPANY") at $____ per share (the Exercise Price currently in
effect pursuant to the Warrant), and herewith makes payment of $_____ of the
aggregate Exercise Price for the Shares in cash, certified or official bank or
bank cashier's check (or a combination of cash and check), and herewith delivers
as payment of $____ of the aggregate Exercise Price that number of Warrants
which, if exercised, would result in a number of shares of Common Stock having
an aggregate Fair Market Value (as defined in the Warrant) equal to or in excess
of such portion of the aggregate Exercise Price for the Shares, all on the terms
and conditions specified in the Warrant Certificate, surrenders this Warrant
Certificate and all right, title and interest therein to the Company and directs
that the Shares deliverable upon the exercise of this Warrant be registered or
placed in the name and at the address specified below and delivered thereto.

                                       2
<PAGE>

         Date: __________ __, ____.

               --------------------------------
                      (Signature of Owner)
               --------------------------------
                      (Street Address)
               --------------------------------
                      (City) (State) (Zip Code)

     The signature to the foregoing Warrant Subscription Form must correspond to
the name as written upon the face of the accompanying Warrant or any prior
assignment thereof in every particular without alteration or enlargement or any
change whatsoever.

                                        3
<PAGE>

         Securities and/or check to be issued to:

         Please insert social security or identifying number:

         Name:

         Street Address:

         City, State and Zip Code:

Any unexercised portion of the Warrant evidenced by the within Warrant
Certificate to be issued to:

Please insert social security or identifying number:

Name:

Street Address:

City, State and Zip Code:

<PAGE>

                             WARRANT ASSIGNMENT FORM

                                                                  Dated ________

FOR VALUE RECEIVED,_________________________________________
hereby sells, assigns and transfers unto,
_______________________________________________(the "ASSIGNEE"),
(please type or print in block letters)

___________________________________________________________(insert address)

         its right to purchase shares of Common Stock represented by this
         Warrant and does hereby irrevocably constitute and appoint
         _______________________ Attorney, to transfer the same on the books of
         the Company, with full power of substitution in the premises.

                Signature___________________

                                     NOTICE:

         The signature to the foregoing Warrant Assignment Form must correspond
to the name as written upon the face of the accompanying Warrant or any prior
assignment thereof in every particular, without alteration or enlargement or any
change whatsoever.

<PAGE>

                           CROSS-REFERENCE TARGET LIST

   NOTE: DUE TO THE NUMBER OF TARGETS SOME TARGET NAMES MAY NOT APPEAR IN THE
                             TARGET PULL-DOWN LIST.
              (This list is for the use of the wordprocessor only,
              is not a part of this document and may be discarded.)

<TABLE>
<CAPTION>
ARTICLE/SECTION    TARGET NAME  ARTICLE/SECTION    TARGET NAME  ARTICLE/SECTION    TARGET NAME  ARTICLE/SECTION    TARGET NAME
------------------------------  ------------------------------  ------------------------------  ------------------------------
------------------------------  ------------------------------  ------------------------------  ------------------------------
<S>        <C>                  <C>                             <C>                             <C>
2.01...........purch/sale.sect
2.02...................closing

3.03..........govt auth seller
3.04..........noncontra.seller
3.05..............cap.and.v.r.
3.05(D).............exc.as.set
3.06.........captlzn.vtg.rghts
3.06(a)...cap.vr.giving.effect
3.06(B)........as.set.forth.in
3.07.....captlzn.vtg.rghts.JLC
3.07(B)..............except.as
3.08............valid.issuance
3.09................litigation
3.11.......shareholder.arrange

5............closing condition
5.03(A)(II)........rep.war.buy

6.02............indemnifcation

7.01..........terminate ground

8.01...................notices
8.02...........certain wrc cov
8.04..................expenses
8.04(A)..........sell.pay.250k
8.06.............governing law
8.07..............jurisdiction
8.08..........jury trial waive
</TABLE>

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