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Pearson insists FT ‘is not for sale’ as it unveils £150m shake-up

  • by GARETH MACKIE
 

Media group Pearson has unveiled a £150 million restructuring plan to accelerate its move from a print-based business model, but insisted that its flagship Financial Times title is not for sale.

Chief executive John Fallon, who took over from previous boss Marjorie Scardino at the start of the year, said: “The FT is a valued and valuable part of Pearson.

“I have said the business is not for sale, nor have we initiated, conducted, encouraged in any shape or form, any sort of process whatsoever, nor have I had any conversations with anybody about the sale of the FT.”

The restructuring plan will cost the group about £150m this year and is aimed at saving about £100m a year as the group looks to grow its digital business and its presence in developing economies.

Pearson also said its operating profits for 2013 will be flat compared with the year just ended, which showed a 1 per cent dip in adjusted operating profits to £936m.

The board proposed a final dividend of 30p per share, giving a total payout for 2012 of 45p, an increase of 7 per cent over the previous year.

 

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