Nikkei is buying the Financial Times

Nikkei is buying the Financial Times for $US1.29 billion.

Pearson, the FT’s owners, confirmed this in a statement on Thursday.

Earlier, Reuters reported that Pearson was in advanced talks to sell the newspaper and that an announcement was due “imminently.”

There had been reports that German media giant Axel Springer was one of the bidders. But in a statement, the group said it would not buy the FT.

In a statement, Pearson said:

“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.”

More to come …

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