Financial Times-owner Pearson considering selling 50 per cent stake in Economist Group to raise possible £570million
A seat on the board of the Economist magazine could be up for grabs as Financial Times-owner Pearson is mulling the sale of its 50 per cent stake in the group.
A deal to sell its holdings could raise as much as £570million for the struggling education and printing giant, according to estimates.
The ownership of the Economist Group, which prints the weekly magazine and owns the Economist Intelligence Unit, which is a consultancy, is unusual.
Struggling: A deal to sell its holdings could raise as much as £570million for the struggling education and printing giant, according to estimates
It was originally bought out by influential families, including the Rothschilds, in order to keep it afloat.
At its half year results in July, Pearson (down 3p to 1136p) said its takings from its investment in the Economist had fallen 'primarily reflecting increased investment in digital development and marketing, and declining print advertising revenue'.
The Economist's annual report shows revenues and profits have been falling since 2012.
Pre-tax profits last year were £57million on sales of £332million, with magazine circulation at 1.6million.
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