Banks look to buy Financial Times

AFP-JIJI

Investment banks including Nomura and Bank of America Merrill Lynch are hoping to woo potential buyers for the Financial Times with a £1 billion ($1.6 billion) deal, the Daily Telegraph reported Thursday.

British publisher Pearson has repeatedly said its flagship business newspaper is not for sale and has denied appointing advisers to sell the publication.

But the banks are hoping the publisher will sell if they can present it with a deal that may also involve the group’s holding in The Economist magazine, the Telegraph reported.

The banks are believed to be courting offers of up to £1 billion ($1.6 billion) for the famous paper.

Pearson maintains that it “has initiated no sale process regarding the FT and categorically denies authorizing any adviser or any bank, formally or informally.”

The New York Times reported last month that New York Mayor Michael Bloomberg was mulling the purchase of Pearson’s Financial Times Group division. The paper cited sources close to Bloomberg.