Pearson, the international education and information company, today announces that it has agreed to sell its 50% stake in Financial Times Deutschland to Gruner + Jahr.
The transaction, which will increase Gruner + Jahr's stake in FT Deutschland to 100%, is subject to regulatory approval and is expected to complete in the first quarter of 2008. It includes arrangements for the FT to licence the Financial Times brand and FT content to FT Deutschland.
FT Deutschland was launched in 2000 and now has a circulation of approximately 105,000. Pearson's share of the gross assets of FT Deutschland was approximately €8m at 31 December 2007.
Rona Fairhead, chief executive of the Financial Times Group, said:
"We are incredibly proud to have played a part in launching and building a leading business newspaper in Germany. However, the FT Group is increasingly focussed on the worldwide expansion of the Financial Times and our digital financial information businesses. FT Deutschland no longer fits within that strategy, but we are very pleased to have found such a good home for a great newspaper. Gruner + Jahr has been a terrific partner and we wish all the people of FT Deutschland every success."
For more information:
Luke Swanson/Simon Mays-Smith/Charles Goldsmith +44 (0)20 7010 2310