Financial Times owner Pearson says it has agreed to sell the salmon-colored paper to Nikkei for $1.3 billion. It says the amount is payable in cash. Nikkei is the largest independent business media group in Asia, with flagship newspaper Nikkei as its core. What Pearson CEO John Fallon has to say: "Pearson has been a proud proprietor of the FT for nearly 60 years. But we've reached an inflection point in media, driven by the explosive growth of mobile and social. In this new environment, the best way to ensure the FT’s journalistic and commercial success is for it to be part of a global, digital news company."
Fallon says Pearson will now focus fully on its global education strategy. Nikkei Chairman and CEO Tsuneo Kita says he is "extremely proud" to team with the FT. A press release from Pearson notes that the purchase encompasses the FT Group, which includes the FT newspaper, FT.com, How to Spend It, FT Labs, FTChinese, the Confidentials research services, and Financial Publishing. (Read more Nikkei stories.)