FT up for sale - Bloomberg tipped as possible buyer

The Financial Times, the bible of the City of London, has been put up for sale by its owners.

British publishing firm Pearson is considering a sale of the Financial Times following interest from potential buyers, Bloomberg reported, citing sources familiar with the matter.

There are expectations that the sale could value the salmon-coloured, London-based newspaper at up to 1 billion pounds (NZ$2.4 billion).

Bloomberg reported that while no formal sale process was underway, the Financial Times could receive interest from media companies including Axel Springer SE and investors in the Middle East, Europe and Asia.

There has also been speculation that Bloomberg itself could buy the newspaper, which was founded in 1888.

Discussions about a potential sale have reportedly been taking place for a number of years and have ramped up as a result of a slowdown in Pearson's education unit.
Pearson acquired the Financial Times in 1957.

The newspaper's circulation reached 720,000 last year, with digital subscriptions accounting for 70 per cent of the total.

Pearson also holds a 50 per cent stake in the Economist Group, which owns the weekly magazine and the Economist Intelligence Unit, a consultancy.

Media reports last year speculated that Pearson, which has a market value of about 10 billion pounds, was looking to offload its Economist stake.