Nikkei is buying the Financial Times

Posted on July 23, 2015

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by Bradley Matthews, editing by Alex JS

Nikkei is buying the Financial Times for $1.29 billion. Pearson, the FT’s owners, confirmed this in a statement on Thursday.

Earlier, Reuters reported that Pearson was in advanced talks to sell the newspaper and that an announcement was due “imminently.”

There had been reports that German media giant Axel Springer was one of the bidders for the 127-year-old newspaper. But in a statement, the group said it was not buying the FT.

In their statement, Pearson said:

“Pearson has been a proud proprietor of the FT for nearly 60 years. But 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.”

The statement also disclosed that the FT group added $520 million in sales, and adjusted operating income of $37.3 million to Pearson in 2014.

According to the statement, Pearson will now entirely shift its focus on education.

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Posted in: BUSINESS, NEWS