PeArSon ProfiT DroPS on SAle

tokyo — Japanese media giant Nikkei said on Friday its surprise acquisition of the for $1.3 billion underscores its goal to be the voice of Asia on economic affairs as part of a broader Internetdriven global expansion.

But the unlikely cross-border marriage — Japanese media rarely venture overseas and are routinely criticised as timid in pursuit of investigative news — has sparked concerns about editorial independence at the storied salmon-pink business paper founded in 1888. “The merger of the

and will give the group a major international presence in the media sector,” the Japanese paper said in its Friday edition, touting it as the country’s biggest-ever foreign media acquisition.

President and chief executive officer Naotoshi Okada said on the

website: “Our goal is nothing short of making the leading media voice in Asia”.

Later on Friday, Okada moved to allay fears that the new owners would interfere in the day-today story decisions.

“We’re going to preserve editorial independence... that is what we’ve told [them],” he said at a Press briefing in Tokyo.

Tsuneo Kita, Nikkei’s chairman,

LONDON

the

and fewer students enrolled echoed those sentiments, saying there were no plans to change the “content or form” of the British paper.

Kita, who said the deal came together quickly with discussions over a deal starting a little more than a month ago, described the

as an ideal “international partner”.

“The has the confidence of many readers, not only in Europe but around the world,” Kita said.

“Businessmen and decision makers appreciate the quality of its articles and depth of its analysis. The values.” In Japan, the

— or daily — is a mustread for executives and has a strong

and

share common track record of financial scoops. About 2.7 million copies of its morning edition are printed daily while the afternoon version numbers 1.4 million copies. The deal adds an internationally known brand and about 225,000 print copies to the arsenal as it eyes a battle with business powerhouses the and

Online, the marriage would catapult the group past the

910,000 Internet subscribers.

Like the the a business bible.

However, the takeover could make for a rocky cultural exchange.

The among other media, has strongly criticised the apparently privileged access to earnings results and other company news, often weeks before it is officially announced.

And the Japanese press is routinely accused of being conflict shy and self-censoring to avoid offence. That issue came into stark focus during the Fukushima nuclear crisis when some viewed the media as soft in its criticism of company and government officials.

“Worrying. is basically a PR machine for Japanese biz; it initially ignored the 2011 Olympus accounting scandal [which broke],” a reporter wrote on Twitter, referring to one of Japan’s worst-ever accounting scandals. —

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