Just hours after confirming that it was talking to potential buyers, Pearson confirmed that the Financial Times will be sold to Japanese media group Nikkei Inc.
Overnight, Pearson, the British publisher mostly responsible for textbooks, confirmed that it was in “advanced discussions” about selling the FT Group, which includes the FT itself and an interest in The Economist. Reports suggested that potential buyers included Bloomberg, Reuters and German publisher Axel Springer, with Alex Springer the frontrunner.
However, Pearson has just announced that Nikkei has agreed to by the FT Group for £844 million (or $1.3 billion), paid in cash.
The FT Group includes the financial newspaper itself, which is famously published on pink paper; FT.com; How To Spend It; FT Labs; FT Chinese; The Confidentials; and Financial Publishing.
Pearson has owned the FT for nearly 60 years. The FT started publishing in 1888.
“Nikkei has a long and distinguished track record of quality, impartiality and reliability in its journalism and global viewpoint. The Board and I are confident that the FT will continue to flourish under Nikkei’s ownership,” Pierson chief executive John Fallon said in a statement.
“I am extremely proud of teaming up with the Financial Times, one of the most prestigious news organizations in the world,” Nikkei CEO Tsuneo Kita added. “Our motto of providing high-quality reporting on economic and other news, while maintaining fairness and impartiality, is very close to that of the FT. We share the same journalistic values. Together, we will strive to contribute to the development of the global economy.”
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