Jul
23

Pearson agrees to sell Financial Times to Japanese publisher in $1.3B deal

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The sale to Nikkei excludes the company’s 50% stake in the Economist Group as well as some London property, Pearson said Thursday.

Photo: Associated Press

Nikkei sought to gain control of the Financial Times newspaper, which is included in the FT Group.

Japanese publisher Nikkei Inc. agreed to acquire Pearson Plc’s FT Group for $1.3 billion to gain control of the Financial Times newspaper.

The sale doesn’t include Pearson’s 50% stake in the Economist Group and some London property, Pearson said Thursday. Axel Springer SE, publisher of Germany’s Bild-Zeitung tabloid, was also in talks over the assets, according to people familiar with the matter.

“We’ve reached an inflection point in media, driven by the explosive growth of mobile and social,” Pearson Chief Executive Officer John Fallon said in a statement. “In this new environment, the best way to ensure the FT’s journalistic and commercial success is for it to be part of a global, digital news company.”…

Pearson agrees to sell Financial Times to Japanese publisher in $1.3B deal

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