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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