FT to change hands
July 23, 2015
British publishing house Pearson has confirmed it is in talks to sell the Financial Times newspaper to what a source described as "a global, digital news company."
"Pearson notes recent press speculation and confirms that it is in advanced discussions regarding the potential disposal of FT Group although there is no certainty that the discussions will lead to a transaction. A further announcement will be made if and when appropriate," the company wrote on its website.
London-based Pearson was founded in 1844. It is the largest book publisher in the world as well as the leader in education publishing.
It has owned the venerable Financial Times since 1957. That same year, it took a 50-percent stake in weekly financial paper The Economist.
The Financial Times was founded in 1888 and currently has a circulation of over 2 million, along with its popular financial website, ft.com. The paper is instantly recognizable thanks to its salmon pink color, which began in 1893 as an economy measure and as a way to set itself apart from rival papers.
A German edition, the Financial Times Deutschland, was established in 2000 in cooperation with Bertelsmann subsidiary Gruner + Jahr, but closed in 2012 after racking up losses estimated at over 250 million euros.
Bertelsmann is not among the names mentioned in reports about potential buyers for the paper. These include Bloomberg, Thomson Reuters and German publishing house Axel Springer.
Rising speculation over a deal to sell the FT caused Pearson's shares to jump more than 2 percent in London on Thursday.
There has been no indication that Pearson is ready to sell its stake in The Economist Group.
sgb / hg (Reuters, AP)