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FT's new owner Nikkei eyes digital success FT's new owner Nikkei eyes digital success
(34 minutes later)
Tsuneo Kita is now arguably one of the most influential men on the global media landscape.Tsuneo Kita is now arguably one of the most influential men on the global media landscape.
He owns the Japanese Nikkei group media house, which has just acquired the Financial Times from UK publishing group Pearson for $1.3bn (£8.4m; €1.18m) He owns the Japanese Nikkei group media house, which has just acquired the Financial Times from UK publishing group Pearson for $1.3bn (£844m).
Nikkei is one of Japan's oldest and most prestigious newspaper groups, and has managed impressive staying power at a time when the industry is on the decline.Nikkei is one of Japan's oldest and most prestigious newspaper groups, and has managed impressive staying power at a time when the industry is on the decline.
The acquisition is being called a bold and brave move for Nikkei - and it is a strategy Mr Kita has been pursuing for some time.The acquisition is being called a bold and brave move for Nikkei - and it is a strategy Mr Kita has been pursuing for some time.
Digital successDigital success
But little is known about the man behind the deal - except for the fact that in previous interviews he has alluded to the need for the Nikkei group to expand.But little is known about the man behind the deal - except for the fact that in previous interviews he has alluded to the need for the Nikkei group to expand.
However, analysts are wondering whether he has paid too high a price for the luxury of owning the FT - three times as much as it is thought the pink paper is worth.However, analysts are wondering whether he has paid too high a price for the luxury of owning the FT - three times as much as it is thought the pink paper is worth.
But it is the FT's digital success that Nikkei wants to emulate.But it is the FT's digital success that Nikkei wants to emulate.
In 2014 Mr Kita told a group of newspaper distributors and vendors that Nikkei had to strengthen sales and secure revenue in the light of decreasing print circulation figures.In 2014 Mr Kita told a group of newspaper distributors and vendors that Nikkei had to strengthen sales and secure revenue in the light of decreasing print circulation figures.
He is also a big believer in the digital subscription model - a natural synergy, then, with the FT, which now derives 70% of its business from its online and mobile audiences.He is also a big believer in the digital subscription model - a natural synergy, then, with the FT, which now derives 70% of its business from its online and mobile audiences.
And he has long held global ambitions for the firm.And he has long held global ambitions for the firm.
In 2012 Mr Kita reportedly said that he wanted to make Nikkei a global company, in the same way as the Japanese convenience store sector, which has had success in foreign markets.In 2012 Mr Kita reportedly said that he wanted to make Nikkei a global company, in the same way as the Japanese convenience store sector, which has had success in foreign markets.
The acquisition of the FT allows him to realise those ambitions.The acquisition of the FT allows him to realise those ambitions.
But how will the two cultures of the two media houses merge? Critics say Nikkei is often a public relations machine for Japanese corporates - and that will clash with the fiercely independent Financial Times.But how will the two cultures of the two media houses merge? Critics say Nikkei is often a public relations machine for Japanese corporates - and that will clash with the fiercely independent Financial Times.
The Nikkei group has steered clear of recent Japanese corporate scandals like Toshiba's earnings debacle and the Olympus accounting fiasco in 2011 - a story the FT broke.The Nikkei group has steered clear of recent Japanese corporate scandals like Toshiba's earnings debacle and the Olympus accounting fiasco in 2011 - a story the FT broke.
FT Editor Lionel Barber has assured his staff that the paper's editorial integrity will not be compromised - no matter how high the price-tag.FT Editor Lionel Barber has assured his staff that the paper's editorial integrity will not be compromised - no matter how high the price-tag.