By Simon Zekaria
LONDON-- Pearson PLC on Thursday said it would sell FT Group,
which includes the Financial Times newspaper, to Nikkei Inc. of
Japan for GBP844 million ($1.32 billion).
The cash sale means Pearson is jettisoning one of its flagship
media assets to sharpen its focus on its key education
businesses.
For years, the London-based company--which generates about 60%
of its sales in North America and three-quarters of its revenue
from education--has rejected talk it would sell its salmon-colored,
business-focused title.
However, on Thursday the company said that after 60 years of
ownership it was best for the FT to be part of a "global, digital
news company."
Shares in Pearson traded about 2.7% higher after the
announcement.
The agreement doesn't include FT Group's London property at One
Southwark Bridge and Pearson's 50% stake in the Economist Group.
The transaction is subject to a number of regulatory approvals and
is expected to close during the fourth quarter of 2015.
Write to Simon Zekaria at simon.zekaria@wsj.com
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