Pearson denies report Murdoch to buy FT

Reported by AAP
Friday, June 28, 2013

Currency Converter

Mark BourisMyths bustedHome loans can seem a bit complicated and overwhelming. But it doesn't have to be. Mark Bouris clears up some common misconceptions.

British publisher Pearson has denied a report that media mogul Rupert Murdoch and Abu Dhabi's state media group are in talks to acquire the Financial Times Group for about $US1.2 billion ($A1.30 billion).

The Edge Review, a regional political and business digital magazine based in Malaysia, said the talks had been progressing for more than a month with Pearson, the London-based publishing and education giant.

Such a move would see Murdoch add the respected Financial Times name as well as 50 per cent of the Economist magazine to his vast empire, which already includes the Wall Street Journal and Dow Jones.

The Edge Review cited financial executives familiar with the negotiations saying a decision could be finalised as early as next week.

However, a Pearson spokesman told AFP: "The Financial Times is not for sale, and Pearson is not in any talks to sell it", adding that the FT remained an "important" part of Pearson's strategy.

The report said financing details and shareholding structure of a new company that would own the FT group were being worked out, and that as well as the FT and Economist the deal also included several high-end financial information services.

An executive familiar with the talks was cited by the Edge Review as saying the Abu Dhabi Media Group was expected to control roughly 75 per cent of the venture with Murdoch picking up the balance.

Murdoch was also negotiating to buy another 25 per cent stake at a later date, it said.

In the past, 82-year-old Murdoch's conglomerate has made a string of high-profile acquisitions, including the Fox broadcasting giant and Hollywood studio.

Keep reading - next article
28/07/2014 20:19Sydney, Australia. 28 July,2014
advertisement