CEO Denies Rumors of Potential ‘Financial Times’ Sale

by Christopher Freeburn | February 25, 2013 12:17 pm

CEO Denies Rumors of Potential ‘Financial Times’ Sale

man on bench looking at stock prices newspaper 630 300x214 CEO Denies Rumors of Potential Financial Times Sale[1]Shares of British media group Pearson (NYSE:PSO[2]) fell more than 5% in Monday midday trading after the company predicted weak 2013 earnings and denied a fresh round of rumors that it is considering the sales of the Financial Times[3].

The company’s CEO, John Fallon, told reporters on Monday that the company has not taken any action remotely connected to a sale, nor is it encouraging potential buyers to bid for the iconic newspaper. The rumors come as Pearson announced $227 million restructuring plan, Reuters noted.

Fallon said that the Financial Times remained a “valued and valuable” asset for Pearson.

Pearson issued earnings guidance for its current fiscal year, predicting that profits would be unchanged compared to last year.

The company denied similar rumors of a Financial Times sale back in November[4].

Earlier this month, the New York Times Company (NYSE:NYT[5]) announced that it is looking for a buyer[6] for the Boston Globe, which it purchased in 1993 for $1.1 billion.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/man-on-bench-looking-at-stock-prices-newspaper-630.jpg
  2. PSO: http://studio-5.financialcontent.com/investplace/quote?Symbol=PSO
  3. the sales of the Financial Times: http://www.reuters.com/article/2013/02/25/us-pearson-ft-idUSBRE91O0AH20130225
  4. back in November: http://investorplace.com/2012/11/no-bloomberg-the-financial-times-is-not-for-sale/
  5. NYT: http://studio-5.financialcontent.com/investplace/quote?Symbol=NYT
  6. that it is looking for a buyer: http://investorplace.com/2013/02/new-york-times-putting-boston-globe-up-for-sale-again/

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