By Jonathan Davies
Pearson has confirmed a deal to sell the Financial Times to Nikkei.
In a statement, Pearson said Nikkei would pay £844 million for the financial news group.
John Fallon, Pearson’s chief executive, 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.
"Pearson will now be 100% focused on our global education strategy. The world of education is changing profoundly and we see huge opportunity to grow our business through increasing access to high quality education globally."
Tsuneo Kita, Chairman and Group CEO of Nikkei, said: “I am extremely proud of teaming up with the Financial Times, one of the most prestigious news organizations in the world. Our motto of providing high-quality reporting on economic and other news, while maintaining fairness and impartiality, is very close to that of the FT. We share the same journalistic values. Together, we will strive to contribute to the development of the global economy.”
The Financial Times Group also owns several financial publications including Investors Chronicle and holds a 50% stake in the Economist, which is not included in the deal.