Pearson confirms planned sale of The Economist

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Pearson confirms planned sale of The Economist

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UK publisher Pearson has confirmed that it is planning to sell its 50 percent stake in The Economist, following its sale of the Financial Times to a Japanese media company last week.

The company is looking for a buyer but said there is no certainty that the process will lead to a transaction.

The Italian holding company Exor, the investment company of the Agnelli family and a major shareholder in Fiat Chrysler Automobiles, said on its website that it was in talks about increasing its 4.2 percent stake in the magazine.

Other owners of The Economist include the Cadbury, Rothschild and Schroder families.

Industry insiders said the families were unlikely to back any plan by Pearson to sell its stake to an outsider.

On Thursday Pearson revealed it was selling the 127-year-old FT to Nikkei, Japan’s biggest financial news company, for 1.18 billion euros.

It was widely expected that the sale of its coveted Economist holding would follow.

The Economist Group includes several subsidiaries such as a The Economist Intelligence Unit, Economist Events and Economist Corporate Network.