April 15 (Bloomberg) -- Pearson Plc, which owns the Financial Times newspaper, has agreed to sell its 50 percent stake in publisher BDFM Publishers Ltd. to South Africa’s Times Media Group Ltd., the Johannesburg-based company said today.
Times Media, which owns 50 percent of BDFM, will acquire Pearson’s share in the South African joint venture, according to an e-mailed statement today. BDFM publishes daily newspaper Business Day and weekly magazine Financial Mail and owns African Broadcasting Channel.
The deal “will allow for economies of scale, an integrated operations platform and operational synergies, and will permit BDFM, under unified ownership, to accelerate its digital transformation,” Times Media said in the statement.
Times Media Group didn’t include financial details on the deal in the statement. A spokesman for the company wasn’t immediately available for comment. A Pearson spokesman confirmed the transaction.
Pearson fell 2 percent to 1,120 pence at 8:30 a.m. in London.
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