British publishing and education company Pearson has sold its stake in the 172-year-old magazine The Economist.
The acquisition cost the publication’s new owner, investment firm Exor SpA, $731m, Bloomberg reports. The deal was the final step in the company’s refocusing entirely on the education segment following the sale of the Financial Times business newspaper.
“Pearson is now 100% focused on its global education strategy. The world of education is changing rapidly and we see great opportunities to grow our business,” said chief executive John Fallon.
Exor also owns a stake in Italian newspaper La Stampa.
As reported, Japanese media company Nikkei has become the new owner of the Financial Times. The deal amounted to $1.3bn. The new owner promised to keep its publishing policy intact.