British publisher Pearson has agreed to sell its 50% stake in German newspaper Financial Times Deutschland to publishing house Gruner + Jahr.
The deal marks the end of Pearson's foray into FT-branded foreign language newspaper ventures. It will give Gruner + Jahr full control of the paper.
Pearson declined to provide details on the financial terms of the deal, which is small in the context of the group.
Recent newspaper reports said Gruner + Jahr was expected to pay about half of a €15-20m price upfront, with the rest coming from an annual licence to use the FT brand and Financial Times content.
Pearson said its share of the gross assets of FT Deutschland was approximately €8m at the end of December.
Gruner + Jahr is known mostly as a publisher of magazines, but it owns stakes in eastern German newspapers Saechsische Zeitung as well as Dresdner and Chemnitzer Morgenpost. Gruner + Jahr is owned by media group Bertelsmann.
