Financial Times to sell to Nikkei for $1.3 billion

LONDON -- Pearson PLC, the owner of the Financial Times, says it has agreed to sell FT Group to Nikkei Inc. for 844 million pounds ($1.3 billion). It says the amount is payable in cash.

Nikkei Inc. is the largest independent business media group in Asia, with flagship newspaper Nikkei as its core.

Pearson chief executive John Fallon says Pearson has been a proud proprietor of the FT for nearly 60 years but that in the current news 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.