Pearson has agreed to sell its 50% holding in BDFM in South Africa to Times Media Group (TMG) for an undisclosed sum.
BDFM is the publisher of some of South Africa’s leading business media including Business Day, BDLive, Financial Mail and Summit TV. TMG is Pearson’s existing partner in BDFM, and the sale takes TMG’s ownership of BDFM to 100%.
The transaction supports Pearson’s continued focus on global business news and analysis through the FT Group, and includes a long-term agreement to secure the editorial independence of the titles. The disposal is consistent with Pearson’s strategy of recent years and the sale of Recoletos in Spain, Les Echos in France and FT Deutschland.
John Ridding, Chief Executive of the FT Group said: “We have made this decision so we can continue to focus on the FT Group’s strategy of producing global business news and analysis. It will allow BDFM to accelerate its digital transformation under unified ownership and, most importantly, supports ongoing editorial independence of its titles in South Africa. We have had a long and fruitful partnership in South Africa and we wish BDFM and TMG every good fortune for the future.”
BDFM will continue to have an ongoing relationship with the Financial Times through a content syndication agreement and through a programme through which BDFM journalists will benefit from training placements at the FT.
For more information
Simon Mays-Smith/ Charles Goldsmith +44 (0)20 7010 2310
Emma Gilpin-Jacobs +44 (0)20 7873 4447