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                                                                    EXHIBIT 99.1

CONTACTS:
Media:      Judy Corman (212) 343-6833
Investors:  Ray Marchuk (212) 343-6741



                       SCHOLASTIC TO REDEEM 5% CONVERTIBLE
                           SUBORDINATED NOTES DUE 2005
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    NEW YORK, N.Y., NOVEMBER 29, 2001-Scholastic Corporation (NMS: SCHL), the
global children's publishing and media company, announced today its decision to
redeem on January 11, 2002 all of its outstanding 5% Convertible Subordinated
Notes due August 15, 2005 at a redemption price of 100% of the principal amount
thereof, in accordance with the Indenture under which the Notes were issued. On
January 11, 2002, the redemption price, together with interest accrued to such
date, will become due and payable and interest on the Notes will cease to
accrue.

    The Notes are convertible, at any time on or before the close of business on
January 11, 2002, into shares of the common stock, par value $.01 per share, of
Scholastic Corporation at a conversion rate of 26.0214 shares for each $1,000
principal amount of the Notes converted (as adjusted for the 2-for-1 stock split
in the form of a stock dividend on Scholastic Corporation common stock effected
January 16, 2001). Cash will be paid in lieu of fractional shares.

    $110,000,000 principal amount of the 5% Convertible Subordinated Notes due
August 15, 2005 were issued in August 1995, of which $109,992,000 principal
amount are presently outstanding. If all of the holders elect to convert their
Notes into shares of common stock of Scholastic Corporation prior to the
redemption date, Scholastic would issue 2,862,140 shares of common stock.

    The Company is offering to each converting holder the ability to obtain
their shares of common stock in book-entry form by delivery to their broker
(who is a participant in Depository Trust Company). If any converting holder
would like to receive book entry shares of common stock, he or she must
complete the appropriate section of the Conversion Notice. In accordance with
Article 12 of the Indenture, the Company is making available common stock in
registered certificated form as required by the Indenture.

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    Copies of the Notice of Redemption, which includes instructions for delivery
of the 5% Convertible Subordinated Notes Due 2005 for redemption or conversion,
may be obtained from BT Services Tennessee, Inc., Corporate Trust & Agency
Services, Security Payment Unit, 648 Grassmere Park Road, 1st Floor, Nashville,
TN 37211, telephone number 1-800-735-7777.

    Scholastic (NMS: SCHL) is the world's largest publisher and distributor of
children's books. As a global children's publishing and media company serving
the needs of parents, teachers, and children, Scholastic provides proprietary
book and software distribution through school book clubs, school book fairs and
to classrooms, as well as through the retail trade. Since 1920, Scholastic has
created quality educational materials for schools and has expanded its reach to
include the distribution of books, software, toys, online learning services and
television programming directly to the home. Scholastic's Grolier division is
the leading print and online publisher of children's reference materials and the
leader in children's direct-to-home book clubs. Internationally, Scholastic
operates wholly owned companies in Argentina, Australia, Canada, Hong Kong,
India, Indonesia, Ireland, Malaysia, Mexico, New Zealand, The Philippines,
Singapore, Taiwan, Thailand and the United Kingdom. The U.S. Scholastic web site
www.scholastic.com is a leading provider of educational services online for
parents, teachers and children.