Publishing group Pearson (LON:PSON) has agreed to sell its 50% stake in the Economist Group to the Agnelli family, in a deal worth £469 million.
The sale will make the Italian family the largest investor in the weekly publication. The announcement comes just after Pearson sold the Financial Times to Japan’s Nikkei, in an effort to move their business further into Education.
Pearson chief executive John Fallon said: “Pearson is proud to have been a part of the Economist’s success over the past 58 years, and our shareholders have benefited greatly from its growth. Pearson is now 100% focused on our global education strategy.”
The Agnelli family’s holding group Exor said the sale would bring their 4.7 percent stake up to 43.4.
In a statement, John Elkann, CEO of Exor, said:
“We are convinced of the huge potential that still lies ahead and particularly in The Economist’s ability to seize the many development opportunities linked to the digitisation of the media industry.”
Pearson are currently trading down 0.34 percent.