Mayor Bloomberg weighs buying Financial Times: NYT
Published on Dec 10, 2012 12:33 PM
(REUTERS) - New York City Mayor Michael Bloomberg is weighing up whether to make a bid for The Financial Times Group, which includes the namesake paper and a half interest in The Economist magazine, the New York Times reported, citing three people close to the mayor.
Pearson Plc, the publisher of FT, is about to lose two of its top executives, raising speculation the paper could be up for sale.
Analysts value The Financial Times Group at about US$1.2 billion (S$1.5 billion), well within the reach of Bloomberg LP, which in 2011 had revenue of US$7.6 billion, the paper said.
One media banker with knowledge of the company expects the paper to be sold around early next year, the New York Times said.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!