FT sold to Japan’s Nikkei

Financial Times owner Pearson has agreed to sell the newspaper to Japan’s Nikkei for £844 million.

Pearson has owned the Financial Times since 1957. The sale does not include the FT Group’s property at One Southwark Bridge, where it has its headquarters, and its 50 per cent stake in The Economist.

The cash deal is subject to regulatory approval and expected to complete in the fourth quarter of this year.

Pearson chief executive John Fallon 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.

“Nikkei has a long and distinguished track record of quality, impartiality and reliability in its journalism and global viewpoint. The board and I are confident that the FT will continue to flourish under Nikkei’s ownership”.

Nikkei, Asia’s largest independent business media group, owns flagship newspaper Nikkei and other operations ranging from books and magazines to digital media, database services and broadcasting.

Chairman and chief executive Tsuneo Kita said: “I am extremely proud of teaming up with the Financial Times, one of the most prestigious news organisations 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.”