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FT's new owners Nikkei are cut from the same template FT's new owners Nikkei are cut from the same template
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The Nihon Keizai Shimbun – more commonly known as the Nikkei – is often described as Japan’s answer to the Financial Times. On Thursday, the Nikkei group sealed its association with the Pink’ Un in a £884m ($1.3bn) cash buyout announced in London.The Nihon Keizai Shimbun – more commonly known as the Nikkei – is often described as Japan’s answer to the Financial Times. On Thursday, the Nikkei group sealed its association with the Pink’ Un in a £884m ($1.3bn) cash buyout announced in London.
If the FT’s previous owner, Pearson, was seeking financial stability and an informed, if largely unexceptional, editorial line for its erstwhile media flagship, it needn’t have looked further than the Nikkei.If the FT’s previous owner, Pearson, was seeking financial stability and an informed, if largely unexceptional, editorial line for its erstwhile media flagship, it needn’t have looked further than the Nikkei.
Related: Financial Times sold to Japanese media group Nikkei for £844mRelated: Financial Times sold to Japanese media group Nikkei for £844m
As Japan’s only business daily, the Nikkei is best known for its no-frills news and analysis of Japan’s financial world, from barely perceptible movements in the stock and money markets to the possible outcome of the next policy meeting of the board of the Bank of Japan. As such it has become required reading for Japanese shareholders and chief executives. As Japan’s only business daily, the Nikkei is best known for its no-frills news and analysis of Japan’s financial world, from barely perceptible movements in the stock and money markets to the possible outcome of the next policy meeting of the board of the Bank of Japan. As such it has become required reading for Japanese shareholders and chief executives. Aside from ownership of the business paper, with 3.12 million subscribers, the Nikkei group oversees an empire that includes books and magazines, digital media, database services and broadcasting.
Aside from ownership of the business paper, with 3.12 million subscribers, the Nikkei group oversees an empire that includes books and magazines, digital media, database services and broadcasting.
Its reported rival bidder, Axel Springer, publisher of the German tabloid Bild, may have lent the FT’S salmon-coloured pages a more risqué hue. The Nikkei’s raison d’etre is a decidedly less raunchy commitment to the values of the free market, although that hasn’t prevented the ruffling of feathers at the FT’s global network of bureaus.Its reported rival bidder, Axel Springer, publisher of the German tabloid Bild, may have lent the FT’S salmon-coloured pages a more risqué hue. The Nikkei’s raison d’etre is a decidedly less raunchy commitment to the values of the free market, although that hasn’t prevented the ruffling of feathers at the FT’s global network of bureaus.
Since its launch in 1876 – 12 years before the FT, and in an age of lighting-speed industrial and technological change in a post-feudal Japan – the Nikkei has built a reputation for tiptoeing around the polemics of its quality rivals. Since its launch in 1876 – 12 years before the FT, and in an age of lighting-speed industrial and technological change in a post-feudal Japan – the Nikkei has built a reputation for tiptoeing around the polemics of its quality rivals. While broadly conservative, it eschews the editorialising of the Yomiuri and Sankei: recent editorials calling for improved Japan-South Korea ties, and voicing concern over Chinese activity in the South China Sea, hardly mark the Nikkei out as a cheerleader for the conservative administration of Shinzo Abe.
While broadly conservative, it eschews the editorialising of the Yomiuri and Sankei: recent editorials calling for improved Japan-South Korea ties, and voicing concern over Chinese activity in the South China Sea hardly mark the Nikkei out as a cheerleader for the conservative administration of Shinzo Abe. True to form, in announcing one of the largest ever acquisitions by a Japanese newspaper, the Nikkei’s chief executive, Tsuneo Kita, refused to indulge in hyperbole. “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,” he said in a statement. “We share the same journalistic values.”
True to form, in announcing one of the largest-ever acquisitions by a Japanese newspaper, the Nikkei chief executive, Tsuneo Kita, refused to indulge in hyperbole.
“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,” he said in a statement. “We share the same journalistic values.”
Yet for all the Nikkei’s rarefied reputation, the FT deal is proof that it has spied opportunities in the global digital media market while its rivals, notably the mass-circulation Yomiuri, soldier on in a shrinking domestic market.Yet for all the Nikkei’s rarefied reputation, the FT deal is proof that it has spied opportunities in the global digital media market while its rivals, notably the mass-circulation Yomiuri, soldier on in a shrinking domestic market.
Thursday’s sale comes at a time when both titles are seeking to expand their global presence. The Nikkei Asian Review, the group’s flagship English-language website and weekly magazine, is still in its infancy, but its recent revamp signalled the Nikkei’s determination to shift its focus from Japan to the wider Asia-Pacific region. Last year, it bought a minority stake in Monocle, thought to be worth less than $10m, from its owner – and FT columnist – Tyler Brulé.Thursday’s sale comes at a time when both titles are seeking to expand their global presence. The Nikkei Asian Review, the group’s flagship English-language website and weekly magazine, is still in its infancy, but its recent revamp signalled the Nikkei’s determination to shift its focus from Japan to the wider Asia-Pacific region. Last year, it bought a minority stake in Monocle, thought to be worth less than $10m, from its owner – and FT columnist – Tyler Brulé.
The reciprocal benefits of the FT buyout are clear. The FT has more than 500,000 digital subscribers, accounting for more than 70% of its total subscription base, while the Nikkei, with annual sales of about £1bn, has 430,000 online subscribers.The reciprocal benefits of the FT buyout are clear. The FT has more than 500,000 digital subscribers, accounting for more than 70% of its total subscription base, while the Nikkei, with annual sales of about £1bn, has 430,000 online subscribers.
Nikkei’s management has yet to outline what, if any, dramatic changes will follow the Japanese firm’s acquisition of the FT. The Nikkei’s own report of the deal promised only that the new stablemates would “undertake a range of major projects”.Nikkei’s management has yet to outline what, if any, dramatic changes will follow the Japanese firm’s acquisition of the FT. The Nikkei’s own report of the deal promised only that the new stablemates would “undertake a range of major projects”.
An “extremely proud” Kita did, though, issue a statement of intent that should give the new group’s British and Japanese competitors plenty to think about. “Together, we will strive to contribute to the development of the global economy,” he said.An “extremely proud” Kita did, though, issue a statement of intent that should give the new group’s British and Japanese competitors plenty to think about. “Together, we will strive to contribute to the development of the global economy,” he said.