Market Cafe Revival (Since 1998)

四つの単語でできた言葉の中で、最も高くつくものは「今度ばかりは違う」である(This time is different.)。

Market Cafe Revival (Since 1998)


Pearson to sell FT Group to Nikkei Inc.

July 23, 2015

Pearson is today announcing that it has agreed the sale of FT Group to Nikkei Inc. for a gross consideration of £844 million, payable in cash.

Financial Times is one of the world’s leading news organisations, recognised for its authority, integrity and accuracy. It includes the FT newspaper,, How to Spend It, FT Labs, FTChinese, the Confidentials and Financial Publishing (including The Banker, Investors Chronicle, MandateWire, Money-Media, Medley Global Advisors and more). At the FT, total circulation across print and digital rose more than 30% over the last five years to 737,000, with digital circulation growing to represent 70% of the total, from 24%, and mobile driving almost half of all traffic. Content and services now account for the majority of revenues.

In 2014, FT Group contributed £334m of sales and £24m of adjusted operating income to Pearson. At 30 June 2015, FT Group had gross assets of approximately £250m. The agreement does not include FT Group’s London property at One Southwark Bridge and Pearson’s 50% stake in The Economist Group. The transaction is subject to a number of regulatory approvals and is expected to close during the fourth quarter of 2015.

A contribution will be made to the Pearson group pension plan following closing of the transaction, expected to be around £90m. In addition, Pearson has committed to fund the pension plan to self-sufficiency in the near term. Most of the proceeds from the disposal will be subject to UK Substantial Shareholder Exemption taxation relief but Pearson expects to pay tax on disposal of approximately £60 million. The balance of the proceeds will be used by Pearson for general corporate purposes and investment in its global education strategy.

John Fallon, Pearson’s chief executive, said

“Pearson has been a proud proprietor of the FT for nearly 60 years. But we’ve reached an inflection point in media, driven by the explosive growth of mobile and social. In this new environment, the best way to ensure the FT’s journalistic and commercial success is for it to be part of a global, digital news company.

Pearson will now be 100% focused on our global education strategy. The world of education is changing profoundly and we see huge opportunity to grow our business through increasing access to high quality education globally.

Nikkei has a long and distinguished track record of quality, impartiality and reliability in its journalism and global viewpoint. The Board and I are confident that the FT will continue to flourish under Nikkei’s ownership”.

Tsuneo Kita, Chairman and Group CEO of Nikkei, said

“I am extremely proud of teaming up with the Financial Times, one of the most prestigious news organizations in the world. Our motto of providing high-quality reporting on economic and other news, while maintaining fairness and impartiality, is very close to that of the FT. We share the same journalistic values. Together, we will strive to contribute to the development of the global economy.”

Evercore, Goldman Sachs and J.P. Morgan Cazenove acted as financial adviser to Pearson on this transaction.

Rothschild Group acted as financial advisers to Nikkei on this transaction.

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> 田中社長は記者会見で「かかる事態を生じさせたことを厳粛に受けとめ、株主をはじめ、すべてのステークホルダーに心よりおわび申し上げます」と謝罪した。

☆ そのとおり。株主の信任と負託をコケにしたのだからそのお詫びするのが当然だろう。

☆ 報告書や経済紙に引用された内容の一部には肯首し難い部分もあるが,清水一行が存命なら絶好のネタとなったようなお粗末な権力争いの結果組織全体が疲弊し腐敗したというのが事実であろう。今日が本当の「材料出尽くし」であるかは判断は難しい。オリンパスとIHIの類例をチャートで確認すべきであろう。おそらく特設ポスト入りの時点まで流れを見定めるべきであろう。

☆ ここで偉そうに日本経済新聞の証券論壇(大機小機)を牛耳っていた一部の会社法学者先生に問いたいのだが,株主主権主義は確かに愚かしい短期志向主義であるが,株主の負託に応えるためと称してこの大企業の経営陣がやって来たことは何だったのか?こういう事態こそ株主が排除すべき事態ではなかったのか?

☆ どうせ牽強付会なあんた達は「株主主権主義の暴走がこういう経営を招いた」などとお為ごかしを並べて逃げるのだろう。

☆ Enough is enough.

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賢明なる投資家 - 割安株の見つけ方とバリュー投資を成功させる方法/ベンジャミン グレアム


☆ 株式投資に勝ち負けの概念を持ち込むのは止めなさい。

☆ あなた方が勝ち負けに拘るものは株式投機であって,決して株式投資ではない

☆ そもそも勝ち負けは名前のとおり勝負事の世界の用語です。有り体に言えばギャンブル用語

☆ であれば,それは投資ではなく投機です。


☆ ここでなんちゃって投資指南の先生方にお訊ねするが,企業が新規事業に進出するとき,投機やってうまくいくと思いますか?


☆ そんなもん投資じゃないでしょ(笑)。

☆ 衷心から申し上げるが,投資顧問のような顔をして株は勝負事とのたまうのは止めなされ。

☆ 株式投資は勝ち負けや勝率ではなく,投資期間を通じた投資収益(恒常的インカムゲインエグジットとしてのキャピタルゲイン)を目指すものです(笑)。以上の理屈が分かったなら,さっさと看板を投機ショップと書き換えろ。

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