Business paper Financial Times (FT) has been sold to Japanese media group Nikkei for $1.31 billion by British publisher Pearson. In a press statement, Pearson’s chief executive John Fallon said that after owning FT for close to 60 years, they have reached “an inflection point in media, driven by the explosive growth of mobile and social.” The best way to ensure FT’s journalistic and commercial success, according to Fallon, is for it to be “a part of a global, digital news company.” The sale to Nikkei will be completed in the latter part of this year.
Read the full story on Rappler. A related story is on the BBC.
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