Financial Times publisher Pearson agrees to sell Les Echos

Posted by Evan Fell on November 6, 2007 at 11:18 AM

Financial Times publisher Pearson has agreed to sell French financial newspaper, Les Echos, to luxury group LVHM for EUR 240m.

This announcement follows a ruling by a French tribunal, concluding that Pearson's consultation with staff had been satisfactorily completed. This transaction is likely to be completed by the end of this year.

The agreement is said to protect both editorial independence and jobs at Les Echos.

Pearson has been making several moves like this one in order to exit the European Market. Pearson sold its stake in Expansion - a Spanish-language business title and is apparently in talks with Spiegel Verlag, the owner of the German weekly news magazine Der Spiegel, which is looking to buy Pearson's 50% stake in FT Deutschland.

Source: Press Gazette through European Journalism Centre

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