Pearson, a multinational publishing and education company has agreed to sell its 50% holding in South Africa’s Business Day and Financial Mail (BDFM) in South Africa to Times Media Group (TMG), although the deal terms not disclosed.
BDFM is the publisher comprising of South Africa’s leading business media, including Business Day, BDLive, Financial Mall and Summit TV while TMG is Pearson’s existing partner in BDFM besides the FT Group, which includes Financial Times newspaper actually the shareholder.
John Ridding, Chief Executive of the FT Group said: “We have made this decision so we can continue to focus on the FT Group’s strategy of producing global business news and analysis. It will allow BDFM to accelerate its digital transformation under unified ownership and, most importantly, supports ongoing editorial independence of its titles in South Africa. We have had a long and fruitful partnership in South Africa and we wish BDFM and TMG every good fortune for the future.”
BDFM also pointed that the duo will keep the ongoing relationship continue with the Financial Times via a content syndication agreement and through a programme with which BDFM journalists will benefit from training placements at the Financial Times.