(MENAFN- Kuwait News Agency (KUNA)) Japan's Nikkei Inc. announced Thursday it has agreed to acquire all the shares in Financial Times (FT) Group from British publisher Pearson for GBP 844 million (USD 1.3 billion).
It will be one of the largest-ever acquisitions by a Japanese media company, which owns the country's leading business newspaper Nikkei Shimbun.
"I am extremely proud of teaming up with the Financial Times, one of the most prestigious news organizations in the world," the Nikkei Shimbun quoted Chairman and CEO Tsuneo Kita as saying.
"Our motto of providing high-quality reporting on economic and other news, while maintaining fairness and impartiality, is very close to that of the FT. We share the same journalistic values," Kita said.
Nikkei, established in 1876, is strengthening its global coverage, with a heavy focus on Asia. The Nikkei Shimbun has 430,000 digital subscribers.
Established in 1888, the FT is one of the most influential business media companies in the world. The FT is a pioneer in digital reporting and has more than 500,000 digital subscribers - more than 70 percent of its total subscription base. By making use of their strengths in digital media, the two companies intend to undertake a range of major projects, Nikkei said.
Pearson's Chief Executive John Fallon 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." (end) mk.ibi
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