ITV appointed advisers to handle the deal when the educational publishing business was put up for sale in July last year. Granada Learning includes products such as Lett's study guides and online learning system Learnwise.
The sell-off follows the collapse of last week's bid by the Greg Dyke-led private equity consortium of Goldman Sachs, Apax Partners and Blackstone to buy ITV.
The initial consideration for the Granada Learning deal consists of £35m with a further £18m payable subject to the performance of the business over the next two years.
The network planned to sell off its non-core assets after Carlton Communications and Granada merged in 2004 to make the company more streamlined and better value for money for shareholders.
The sales of Carlton Books for £3m, UBS for 162m and its 5.5% stake in Thomson to Citigroup in September 2004 started the ball rolling.
In October 2004, ITV disposed of its 18% stake in Australian media company Village Roadshow for £36m.
Two months later, the network sold the Moving Picture Company, which created special effects for films such as 'Troy' and 'Harry Potter' to Technicolour for £52.7m.
The company is also reported to be ready to considering selling its stakes in Premiership football clubs Liverpool and Arsenal.
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