One of the most reputable newspapers in the world, 127 year old “Financial Times” has been sold today to the Japanese Media Group, Nikkei.
The Financial Times was owned by Pearson and was sold today for a reported £844m. The Pearson also has a 50% stake in the Economist which it is still holding on to.
Pearson’s chief executive John Fallon said today; “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,” he concluded.
As to the valuation of the company, Fallon said, “I am confident that we have achieved a fair value … and coupled that with finding a very good home for the FT,”