Times Media wrest control of BDFM from Pearson
Publishing group Pearson has agreed terms with Times Media Group of South Africa for the sale of its 50% stake in their publishing joint venture, BDFM, for an undisclosed sum.
The Financial Times reports the move would give TMG full control of BDFM’s assets, which include Business Day newspaper, African Broadcasting Channel and the Financial Mail weekly magazine.
The move forms part of Pearson’s long-term strategy to focus on global business news and analysis.
In a statement TMG said: “Newspapers and the entire news industry are undergoing fundamental structural change, requiring new investment, new ways of doing business and often difficult decisions.”
Business Day and the Financial Mail are both said to be either loss-making or operating on the fringes of profitability.