Let $A$ and $B$ be arbitrary finite groups.
a. Show that $$|M(A \times B)| \geq |M(A)||M(B)|.$$
b. Assuming the $|A|$ and $|B|$ are coprime, show that $$M(A \times B) \cong M(A) \times M(B)$$
(where $M(G)$ denotes the Schur multiplier of the finite group $G$).
I answered part $a$ by constructing a central stem extension of $A \times B$, from the direct product of the Schur representation groups for $A$ and $B$.
I am stuck on part b. I'll detail my approach below.
Let $\Gamma$ be a Schur representation group for $A \times B$. Then there is a surjective map $\pi : \Gamma \to A \times B$ such that $\Gamma / ker\;\pi \cong A \times B$, and $ker\; \pi \subseteq Z(\Gamma) \cap \Gamma'$. Let $A^* = \pi^{-1}(A)$ and $B^* = \pi^{-1}(B)$. So then $G/A^* \cong B$ and $G/B^* \cong A$, since $|\Gamma:A^*|$ and $|\Gamma:B^*|$ are coprime it follows that $\Gamma = A^* B^*$. Then $|\Gamma| = |A^*||B^*|/|A^* \cap B^*|$. Since $\Gamma / A^* \cong B$ it follows that $|B^*|/|A^* \cap B^*| = |B|$, hence $|A^* \cap B^*| = |ker \; \pi|$. Since $ker \; \pi \subseteq A^* \cap B^*$ it follows that $ker \; \pi = A^* \cap B^*$.
I suspect that I need to assume that $|M(A \times B)| > |M(A)||M(B)|$ and derive a contradiction. But I'm not sure how to proceed. Any help or comments would be appreciated.
Let $G$ be a Schur cover of $A \times B$, with $G/Z \cong A \times B$ and $Z \le Z(G) \cap [G,G]$ (so $Z$ is $\ker \pi$ in your notation), and let $A^*$ and $B^*$ be the complete inverse images of $A$ and $B$ in $G$. So $G = A^*B^*$ and $A^* \cap B^* = Z$.
Now $[G,G] = [A^*,A^*][B^*,B^*][A^*,B^*]$. We claim that $[A^*,B^*]=1$. To see this note first that $[A^*,B^*] \le A^* \cap B^* = Z$. Now let $a \in A^*$ and $b \in B^*$, and let $m$ and $n$ be the orders of the images of $a$ and $b$ in $A$ and $B$, respectively. Then because elements in $[A^*,B^*]$ are central, we have $[a,b]^m = [a^m,b] = 1 = [a,b^n] = [a,b]^n$ and hence, since $m$ and $n$ are coprime, $[a,b]=1$, proving the claim.
So $[G,G] = [A^*,A^*][B^*,B^*]$ and hence, using $A^* \cap B^* \le Z$, we have $Z = ([A^*,A^*]\cap Z)([B^*,B^*]\cap Z)$. In fact, by a similar argument to the previous paragraph, we can prove that $[A^*,A^*] \cap [B^*,B^*] = 1$, so we have $$Z = ([A^*,A^*]\cap Z) \times ([B^*,B^*]\cap Z).$$
So $[A^*,A^*] \cap Z$ is isomorphic to a quotient group of $M(A)$, and $[B^*,B^*]\cap Z$ is isomorphic to a quotient group of $M(B)$, and the result follows.