SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                      the Securities Exchange Act of 1934

                       Date of Report: November 19, 1997

                             SCHOLASTIC CORPORATION
             (Exact name of registrant as specified in its charter)


     Delaware                0-19860                  13-3385513
     (State of               (Commission              (IRS Employer
     Incorporation)          File Number)             Identification No.)

     555 Broadway
     New York, New York                               10012
     (Address of principal executive offices)        (Zip Code)

                                 (212) 343-6100
              (Registrant's telephone number, including area code)

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ITEM 5. OTHER EVENTS

     On November 17, 1997 Scholastic  received notice of an action  commenced on
November 14, 1997 in the United States District Court,  Southern District of New
York,  by  Parachute  Press,  Inc.   ("Parachute"),   the  licensor  of  certain
publication and non-publication  rights to the "Goosebumps"(R)  series,  against
Scholastic  Inc.  and  Scholastic   Entertainment  Inc.   (formerly   Scholastic
Productions,  Inc.)  (collectively,  "Scholastic").  The  action  was  commenced
following  repeated notices from Scholastic to Parachute of material breaches by
Parachute  of the  agreements  under  which such rights are  licensed.  Based on
Parachute's  failure to cure these material breaches,  Scholastic  exercised its
contractual remedies under the agreements. As a result, Scholastic believes that
it has made all payments  required  under the agreements and is also entitled to
the return of certain amounts  previously  advanced to Parachute.  Scholastic is
continuing  to publish the  "Goosebumps"  books and to exploit its media rights.

     In its complaint,  Parachute alleges and seeks a declaratory  judgment that
Parachute  has not breached  material  terms of the  agreements  under which the
"Goosebumps"  rights  were  licensed  and,  accordingly,   that  Scholastic  has
materially breached and anticipatorily  repudiated the agreements by withholding
advances and other  payments due to Parachute  under the  agreements.  Parachute
also alleges  trademark and copyright  infringement  by Scholastic in publishing
the first book in the  "Goosebumps  Tripleheader"  series,  allegedly  without a
valid license from Parachute. In addition to the relief requested as part of the
declaratory  judgment,  including  the payment of all advances and other amounts
provided  for in the  agreements  (assuming  no material  breach by  Parachute),
Parachute seeks relief in the form of damages,  including profits, in respect of
its infringement and unfair competition claims. Although Parachute also requests
a  declaratory  judgment  that the  license  of  Scholastic  to  exploit  future
"Goosebumps"  books has been  terminated  as a result of  Scholastic' s actions,
Parachute  indicates in its complaint that it intends to continue to deliver new
"Goosebumps"  manuscripts  to  Scholastic  under the  agreements.

     Goosebumps   publishing  is  expected  to  account  for  less  than  4%  of
Scholastic's revenues in fiscal 1997-1998.  Scholastic does not expect that this
dispute will have a material adverse effect on its financial condition.

     Scholastic  believes that Parachute's  claims,  outlined above, are without
foundation.  Scholastic  will  vigorously  defend the  lawsuit  and  protect its
contractual rights.

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                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                             SCHOLASTIC CORPORATION

Date: November 19, 1997

                                  By:/s/Kevin J. McEnery
                                     -------------------
                                      Name: Kevin J. McEnery
                                     Title: Executive Vice President and
                                            Chief Financial Officer




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