BloomTech’s unraveling reveals years of systemic issues and the inevitable regulatory response.

Update (April 2026): On April 9, shareholders of both companies voted overwhelmingly to approve the merger — 99.4%% at Coursera, 99.9%% at Udemy. The deal is expected to close in the second half of 2026. I also dug into the 300-page merger prospectus and found that Coursera approached Udemy three times over two years before getting a yes, and that Pluralsight’s owner made a competing cash offer. Read the full merger history. TL;DR Coursera is acquiring Udemy in an all-stock deal worth ~$1.8 b

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Online course platforms closely track their learners. And things have gotten worse over the past two years.