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Pearson in talks to sell FT newspaper Pearson in talks to sell FT newspaper
(35 minutes later)
Publishing group Pearson has announced it is in "advanced discussions" with an unnamed party over the sale of its Financial Times newspaper group.Publishing group Pearson has announced it is in "advanced discussions" with an unnamed party over the sale of its Financial Times newspaper group.
The company said it had "noted recent press speculation" surrounding the possible sale of the FT, but added that there was "no certainty" that the discussions would lead to a deal.The company said it had "noted recent press speculation" surrounding the possible sale of the FT, but added that there was "no certainty" that the discussions would lead to a deal.
Rumours regarding the sale emerged on Monday.Rumours regarding the sale emerged on Monday.
Shares in the group jumped more than 2% on the news.Shares in the group jumped more than 2% on the news.
Pearson's statement added that it would make a further announcement "if and when appropriate".Pearson's statement added that it would make a further announcement "if and when appropriate".
Some reports suggest the Pearson could sell the newspaper group for around £1bn. Publishers linked to a purchase include Bloomberg and Thomson Reuters. Some reports have suggested that Pearson could sell the newspaper group for around £1bn. Publishers linked to a purchase include Bloomberg and Thomson Reuters.
Pearson, which owns a large stake in the book publisher Penguin Random House, has long been thought ready to sell the newspaper.Pearson, which owns a large stake in the book publisher Penguin Random House, has long been thought ready to sell the newspaper.
'Counterintuitive'
The publishing group has been moving increasingly into the provision of education services in North America and in emerging markets. It has previously said it remained committed to the newspaper because of its strong brand.The publishing group has been moving increasingly into the provision of education services in North America and in emerging markets. It has previously said it remained committed to the newspaper because of its strong brand.
While the identity of the company Pearson is in discussions with is still as yet unknown, a source told Reuters the group had decided to sell the newspaper and website to a "global, digital news company". The identity of the company Pearson is in discussions with has not be named, but a source told Reuters that the group had decided to sell the newspaper and website to a "global, digital news company".
Three years ago Pearson denied rumours that it would sell its business newspaper to the financial data firm Thomson Reuters. Three years ago Pearson, which has owned the Financial Times for the past 60 years, denied rumours that it would sell its business newspaper to the financial data firm Thomson Reuters.
As well as the Financial Times paper, the FT group includes Financial Times Business, the group's business-to-business publishing group, as well as a 50% stake in the Economist magazine.
Jasper Lawler of CMC markets said the talks were somewhat "counterintuitive", given that a spokesman for Pearson's had previously said selling the newspaper was not part of the group's strategy.
He added that the Financial Times was one of the few newspaper websites that had managed to transition well into a subscriber based - or paywall - business model.