Pearson Sells Financial Times for $1.3 Billion
Company holds onto The Economist Group.
Pearson has announced it’s selling the Financial Times news group to Japanese business media company Nikkei for $1.3 billion.
While the sale includes all FT assets, including the newspaper, associated websites and conference business, Pearson’s 50-percent stake in The Economist Group is not impacted by the deal.
“We’ve reached an inflection point in media, driven by the explosive growth of mobile and social. 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,” says John Fallon, Pearson’s CEO, in a statement. “Pearson will now be 100 percent focused on our global education strategy.”
Fallon didn’t mention The Economist, though its role at Pearson may be up in the air with the company’s focus squarely on education.
Pearson did not respond to a request for comment on the status of The Economist.
The sale came less than a week after first reports that Pearson had put the company on the block. German media conglomerate Axel Springer had been widely been considered the favorite to land the FT. Initial estimates put the price tag at $1.6 billion.