New York City mayor Michael Bloomberg is said to be considering an offer to acquire The Financial Times Group Ltd, the owner of the Financial Times (FT) newspaper and a 50% stake in The Economist magazine, three people close to the mayor told the New York Times.
Another potential candidate for the business is Thomson Reuters Corp (NYSE:TRI), the paper added. Buying the FT Group will help the business information giant to diversify its services by adding a regular magazine to its portfolio and complement its Asian footprint, according to the paper.
Rumours about the sale of the FT paper are also fuelled by the fact that two of the executives of Pearson Plc (LON:PSON), the paper’s publisher and owner of the FT Group, are going to leave the company soon. Pearson’s CEO Marjorie Scardino will resign on 31 December, while Rona Fairhead, chief executive of the FT Group, will leave in April.
The value of the FT Group has been pegged by analysts at some $1.2bn (€930m). The sum is deemed acceptable for Bloomberg LP, the mayor’s vehicle, which recorded a revenue of $7.6bn last year, and for Thomson Reuters, which enjoyed sales of $13.8bn.
According to a media banker quoted by the paper, FT could have a new owner early in 2013.