The owner of the Financial Times newspaper, Pearson Plc has entered into an agreement to sell off its 50% shareholdings in publisher BDFM Publishers. The shareholdings would be transferred to Times Media Group Ltd of South Africa.
Times Media already owns 50% of BDFM and would be acquiring Pearson's shareholdings in the joint venture. BDFM daily publishes Business Say and Financial Mail as well as the African Broadcasting Channel.
According to a statement from Times Media, "The deal will allow for economies of scale, an integrated operations platform and operational synergies and will permit BDFM, under unified ownership, to accelerate its digital transformation."
There were no financial details given in the statement and no comments were made available from a spokesperson. On the other hand, a Pearson spokesman had confirmed the transaction.
As a result of the announcement, Pearson share values declined by 2% to 1,120 pence in London trading.
Join the Conversation