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The Economist to Sell 50% Shares

The Economist to Sell 50% SharesThe Economist to Sell 50% Shares

British publishing group Pearson has said that they are in talks to sell their 50% share in The Economist Group. The announcement comes after Pearson said it would be selling The Financial Times to Japan’s Nikkei, DW reported.  “Pearson confirms it is in discussions with The Economist Group board and trustees regarding the potential sale of our 50% share in the group,” the company said in a statement. However, Pearson said that it was still unsure whether its shares would be sold. “There is no certainty that this process will lead to a transaction,” the group said. The remaining 50% of the group is owned by wealthy families–including the Cadbury, Rothschild, Schroder and Agnelli families–and a select few of The Economist’s former and current staff. Pearson, which owns B shares, would have to seek approval from the other stakeholders, which have greater voting rights by owning A shares. The deal is estimated to be worth between £300 to 400 million ($465 to $620 million).

 

Financialtribune.com