Arab Today, arab today japans nikkei to buy financial times for £844m
Last Updated : GMT 06:03:22
Arab Today, arab today
Arab Today, arab today

Deal does not include FT Group's 50% stake

Japan's Nikkei to buy Financial Times for £844m

Arab Today, arab today

Arab Today, arab today Japan's Nikkei to buy Financial Times for £844m

Pearson is selling the FT Group for £844m
London - Arab Today

British publisher Pearson on Thursday said it had agreed to sell its salmon-pink business newspaper the Financial Times to Japanese media group Nikkei for £844 million ($1.31 billion, 1.2 billion euros).

Pearson said it was selling the FT Group, which includes FT.com. But the deal does not include FT Group's 50-percent stake in The Economist magazine, or the London offices where the paper is based.

In a video interview with the FT, Pearson's chief executive John Fallon said the company wanted to focus on being "the world's best education company".

"You're a global education company or you're a global journalism company, both great things to be but it's hard to ride both horses equally well," Fallon said.

The sale should be completed later this year, according to a statement.

Founded in 1888, The Financial Times has become the global business paper of reference with editions covering Britain, Europe, US, Asia and Middle East, and has made an agile shift to online publishing.

Tsuneo Kita, chairman and group CEO of Nikkei, said he was "extremely proud of teaming up with the Financial Times, one of the most prestigious news organisations in the world".

Nikkei Inc., publisher of the Nikkei business daily, employs more than 3,000 people and says is the largest independent business media group in Asia.

The Nihon Keizai Shimbun -- or Nikkei daily -- has a track record of financial scoops and is a must-read for executives. About 2.7 million copies of its morning edition are printed daily while the afternoon version numbers 1.4 million copies.

The FT's editor since 2005, Lionel Barber, explained the decision at a staff meeting in the paper's headquarters on the south bank of the River Thames close to the City of London.

"It's been a difficult process," Barber was quoted as saying by Peter Spiegel, one of the FT journalists present. Barber reportedly added: "I just want to be clear this was not and is not a shotgun marriage."

- Last minute deal -

The FT itself reported that a deal went down to the wire, with advanced talks with German media group Axel Springer newspaper scuppered at the last minute by a surprise all-cash offer from Nikkei.

The paper cited two sources as saying that Axel Springer only found out that its year-long bid to buy the paper had fallen through 15 minutes before the sale to new bidder Nikkei was announced.

In recently years several major media companies were linked as potential buyers of the Financial Times, seen as a imperfect fit with Pearson, which earns 90 percent of sales from its education division.

The newspaper has been ahead in adapting online, and attracts advertisers due to its ability to reach wealthy individuals, according to Steve Schifferes, professor of financial journalism at London's City University.

"The FT has made one of the more successful adaptations to the web, driven by its ability to sell online subscriptions based on its unique information," Schifferes said.

"However, it still faces challenges from the large number of free business news websites, and its paywall may limit its future growth, compared to new web-based rivals."

The subscriber-only FT.com website, launched in 1995, now accounts for 70 percent of its circulation of 720,000.

The newspaper's digital subscriptions overtook print circulation in 2012, while mobile -- tablets and smartphones -- now account for about half of FT.com traffic.

- 'Desperately sad' -

Robert Peston, former political editor and financial editor of the Financial Times and now BBC economics editor, expressed sorrow at the sale.

"Though FT has always argued UK benefits from ease with which foreigners can buy our assets, I am desperately sad FT British no more," Peston wrote on Twitter.

"If I were still at FT, I'd ask if Nikkei respects culture of trying to hold all power to account (even if FT, like rest of us, often fails)."

Asked whether the newspaper's editorial independence would be assured under Nikkei ownership, Pearson's chief executive Fallon told the Financial Times that there had been no written agreement but that he was confident.

"[Nikkei's] committment to vibrant journalism without fear or favour is a fundamental part of its own code, its own philosophy, its own culture, that's the best guarantee," Fallon said in the interview.

Owned by Pearson since 1957, the FT launched a European edition in Frankfurt in 1979 before expanding to be printed all over the world, including in New York, Tokyo, Hong Kong and Dubai.

Shares in Pearson closed 2.07 percent higher at 1,234 pence on London's benchmark FTSE 100 index, which was down slightly by 0.18 percent overall.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japans nikkei to buy financial times for £844m Arab Today, arab today japans nikkei to buy financial times for £844m

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today japans nikkei to buy financial times for £844m Arab Today, arab today japans nikkei to buy financial times for £844m

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Airbus CEO says won't cling to job

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Norway seeks 'Tesla tax' on electric cars

GMT 08:17 2017 Friday ,13 October

Norway seeks 'Tesla tax' on electric cars
Arab Today, arab today Safaa Sultan happy for “Love School”

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:19 2017 Wednesday ,11 October

Bosy reveals behind her participation in festival

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:16 2017 Friday ,13 October

Lufthansa to swallow lion's share

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday