Nikkei to buy Financial Times

Japanese media company Nikkei Inc. is buying the Financial Times as part of an 844 million pound ( US$ 1.7 billion) deal with Britain’s Pearson PLC. The deal announced Thursday is part of Nikkei’s strategy to boost its global reach and also allows Pearson to concentrate on its core global education business. John Fallon, chief executive of Pearson, said the company has been a proud proprietor of the Financial Times for nearly 60 years.