Media News - Tuesday, November 06, 2007

FT publisher agrees to sell Les Echos business titles

Financial Times publisher Pearson has agreed to sell its French financial newspaper group, Les Echos, to LVMH for EUR 240m. The announcement follows a ruling by a French tribunal which concluded that Pearson's consultation with staff had been satisfactorily completed. Pearson said it expects the transaction with LVMH to complete towards the end of the year. In 2006, the Les Echos group contributed EUR 126m in revenue and EUR 10m in profit to parent company Pearson. The agreement includes a series of measures to protect editorial independence and jobs at Les Echos. The move is the latest in a series of moves by Pearson to exit the European market and make way for the English-language FT to grow into a global brand. In 2004, Pearson sold its stake in Expansion - a Spanish-language business title - and is reportedly in talks with Spiegel Verlag - owner of the German weekly news magazine Der Spiegel - which is looking to buy Pearson's 50 per cent stake in FT Deutschland. (Press Gazette)

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