The British group Pearson decided to sell the publication The Economist, where they own 50% of the total shares. The announcement was made just two days after the company decided to sell the business newspaper Financial Times, for 844 million pounds, to the largest Japanese media company, Nikkei, according to BBC.
The transaction between Pearson and Nikkei targeted the printed version of Financial Times, the FT.com website and titles such as The Bankers and Investors Chronicle. Still, the company’s headquarters in London and the stake from The Economist Group, The Economist’s editor, belonging to Financial Times Group, weren’t included in the transaction.
Therefore, Pearson confirmed on Saturday that they’re looking for a buyer for its stake in The Economist. However, according to Pearson‘s representatives, a possible sale of The Economist, will happen only if “the price will be correct”.
Also, a spokesman confirmed that the group is in discussions with the board and administrators of The Economist Group, regarding a potential sale of the 50% stake. There is no certainty that this process will lead to a transaction thought, the spokesman also said.
If the transaction is completed, Pearson will remain a group dedicated just to educational business.
Two sources close to both parts implied in the negotiations declared for Financial Times that the shares held by Pearson in The Ecnomist Group have a value of 400 million pounds, which is about $565 million.
From the list of potential buyers of these shares, we can mention wealthy families like Cadbury, Schroded and Rotschild. Companies like Bloombers, Thomson Reuters or Axel Springer were also addressed this issue, but declined the opportunity to become shareholders in The Economist.
The Economist is a prestigious business magazine in the UK, founded in 1843 by James Wilson, a hatter from Hawick, Scotland. He strongly believed in free trade, internationalism and minimal interference from the government in terms of business.