[SOLD] Japans Nikkei to buy FT for $1.29 billion

Japanese financial newspaper Nikkei is buying Financial Times from U.K. publishing group Pearson PLC for 160 billion yen, or about $1.30 billion, Nikkei and Pearson said today.

Pearson earlier confirmed it was in advanced talks over the possible sale of the British FT Group, which includes the Financial Times newspaper, but the potential buyer was not disclosed.

Nikkei announced the agreement in an email to subscribers Thursday afternoon U.K. time.

Pearson confirmed later in the day it has agreed to the sale in a cash deal worth 844 million pounds.