There has been much hand-wringing about the sale of The Financial Times to Japanese media firm Nikkei. But the deal makes a lot of sense and – in many ways – is the least worst option for the newspaper and its associated publishing interests.
The FT Group has, for some time, been an anomaly in Pearson’s portfolio. In the heady days of multi-interest conglomerates – when Pearson also owned Alton Towers and Madam Tussaud’s – there was no reason why the newspaper and a range of magazines could not be incorporated into a portfolio of interests. But in the years under Marjorie Scardino, and more recently under John Fallon, Pearson has become increasingly focused on a singular vision: to become the largest global educational publisher.