Pearson ditches US textbooks division

PEARSON has sold its US school textbook business for £193m.

The division is being bought by private equity firm Nexus Capital which will pay the academic publisher an initial £19.3m with the remainder spread over seven years.

Pearson wants to focus more on digital publishing and slash its £432m debt pile.

It has blamed its US business for dragging down performance as fewer students buy brand new textbooks and choose to rent or buy them second hand instead.

John Fallon, chief executive of Pearson, said: ‘School publishing in America has been an important part of Pearson for many years, and what it does matters to teachers and students across the country.

‘We’re pleased to have found new owners who are committed to its future, and we wish it every success,’ he added.