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Japan's Financial Times: Nikkei Buys FT
Just minutes after rumors of Axel Springer Verlag's interest in buying The Financial Times were flatly denied, Marketwatch reports that Japanese financial newspaper Nikkei said Thursday that it is buying Financial Times from U.K. publishing group Pearson for 160 billion yen, or $1.29 billion.
Pearson earlier Thursday had confirmed it was in advanced talks on the possible sale of the London-based FT Group, which includes the Financial Times newspaper, but the potential buyer was not disclosed.
Nikkei announced the agreement in an email to subscribers Thursday afternoon U.K. time.
- *PEARSON SAYS PACT DOESN'T INCLUDE 50% STAKE IN ECONOMIST GROUP
- *PEARSON: PACT DOESN'T INCLUDE FT GROUP'S LONDON PROPERTY
- *PEARSON: TRANSACTION EXPECTED TO CLOSE DURING 4Q
Nikkei, the Japanese media company, has trumped Germany’s Axel Springer, in a tussle to buy the FT Group from Pearson for £844m, bringing the curtain down on its 58-year ownership of the London-based global news organisation.
Pearson has for the past few weeks been exploring a sale of the group, which comprises the Financial Times, a number of related titles and a 50 per cent stake in the Economist Group, publisher of the Economist magazine.
...
Nikkei is one of Japan’s largest publishers with annual sales of about £1bn.
Pearson’s former chief executive Dame Marjorie Scardino had pledged that the FT would be sold “over my dead body”. Her successor John Fallon, who took over in January 2013, has not repeated the pledge but has often said that the FT is integral to Pearson’s commercial and strategic vision.
“If a deal goes ahead, it is imperative that there are independently audited safeguards to protect the independence of the FT,” said Sir David Bell, a former chairman of the FT Group and a former director of Pearson.
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The FT has an editorial team of 500 journalists in more than 50 locations around the world. It was first published as a four-page newspaper in 1888 and was bought by Pearson in 1957.
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The farce is complete.
Remember Japan's Special Secrecy Law passed in 2013? The Nikkei is bound to that and so shall the FT.
So NY Times and FT are brothers from a different mother.
No moah baaad news;)
Happy, happy, joy, joy.
One voice, 1 big, happy, compliant voice...all is well, all is well...
while all that time, all just was and now is....
Pearson flees its disinformation rag.
all the yen thats fit to print.
Cutting out the middle man for your propaganda and Japan needs all the propaganda it can get.....
The only good thing about the FT these days is Gillian Tett.
DavidC
Japan could do with some positive news stories about its economy and Abe's genius in leading it to new heights.
Droll. :) You rarely do humour, but when you do I think it's the kind I like: Dry with a pinch of sarcasm.
Suckers!
We can expect to hear only good news from now on in regards to Japan. LOL...
There goes unbiased news on the Japanese debt load and loss stuffing!
LOL, right, there it goes.
... Seppuku ...
So - everyone cancel their subscription and wait for an independent alternative
didn't Abe issue orders that reporting contrary to his opinion on the economy was a crime?
WHo knew Tokyo Rose could write?
Write yes, but Engrish?
Rothschild's cleaning house before the collapse and what better bunch of suckers than the old japs to pass the crap onto! LOL
FT News Flash: "Nikkei index is the best stock market in history, and Kuroda and Abe are heroes! I will gladly kill myself if these statements are not true"
Epic.
Epic.
The FT now says we need more money printing?
@ $1.29Billion for a Used Rag, I think printing is the reward.
How do you say Everything is awesome in Japanese???
Editorial mission creep alert!
Let's not crucify them until we see what they print and who stays and who ditches ship.
Until then as always with all media, read with scepticism.
After reading FT for few months, I come to conclusion it is Fucking Trash.
,
That'll end the blame game of Japanese monetary policy. https://www.youtube.com/watch?v=_yYu3KdRmJM
Was a subscriber to FT for years when both the internet & I were young (Notice my moniker). Even now it does occasionally come up with good editorials, but as others have remarked it is mostly crap. I'd probably have an aneurism from it if I tried to read it cover to cover as I used to do in the old days.
Interesting factoid: The FT was printed on pink paper in 1893 to distinguish it from its rival, The Financial News. The pink paper was also cheaper so they killed two birds with one stone. To mark this descent into becoming a part of a multinational propaganda machine, they should do us all a favour and print on black paper and use black ink to peddle their stories.
A complete waste of money. The FT has lost serious credibility over the last decade and is seen as nothing but a mouthpiece and cheerleader for the City of London and Wall Street. Its take on financial matters before the 2008 crash, was woeful and pitiful at best and downright complicit at worst. The FT has a history of always providing mitigating circumstances for financial misdeeds and simply won't call "a spade a spade", let alone call for criminals to be prosecuted. The FT was at the very forefront in the demand for deregulation of the financial services, Its attitude is one of "only a few bad apples", while ignoring the evidence the orchard is terminally diseased.
This probably means that FT will slowly (or swiftly) descend to the level of quality of WSJ and Economist, compared to which the current FT still feels like it has a ring of truth to it. WSJ and Economist - pure editorial propaganda crap.
$1.29 billion?
World's most expensive fishwrap.