Education giant Pearson PLC announced on Thursday that it is in serious talks to sell off the FT Group, which owns the Financial Times and an interest in the Economist magazine.
"Pearson notes recent press speculation and confirms that it is in advanced discussions regarding the potential disposal of FT Group, although there is no certainty that the discussions will lead to a transaction," the British company said in a statement. "A further announcement will be made if and when appropriate."
The company's shares jumped 2.3 percent, according to Bloomberg, which broke news of the talks earlier this week. The company is set to release earnings on Friday. The FT Group could reportedly sell for $1.6 billion, with Berlin-based media group Axel Springer SE rumored as a potential buyer.
The Financial Times, which sticks out on newsstands with its salmon-colored pages, currently has 720,000 subscribers to its print and digital edition, the latter making up 70 percent of its paying audience.
— Mathieu von Rohr (@mathieuvonrohr) July 23, 2015