Source Pravda.Ru

Owners decided to get rid of legendary Economist

An authoritative weekly newspaper 'The Economist' will be sold.

The controlling shareholder of the legendary newspaper decided to sell it.

Pearson PLC, largest education company and the largest book publisher in the world, which holds 50% stake in the Economist, initiated talks on the sale. Among the potential buyers is an Italian Exor SpA, which holds 5% stake.

The 50% holding can be estimated at about £400 million.

The Economist was founded in 1843. For the last year it has afforded a profit of £60 million.

Among its shareholders are Cadbury, Rothschild and Schroder.

Pearson has lately sold its another international daily newspaper 'Financial Times'. Now it is owned by the Japanese Nikkei. The deal is estimated at $1.3 billion.

Also read: IMF: Japanese debt to increase threefold

Pravda.Ru

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