market

Pearson ditches its U.S. school textbook business for £193m


Pearson ditches its U.S. school textbook business for £193m as it looks to focus on digital publishing and slash its debt pile

  • Pearson has blamed its U.S. business for dragging down performance 
  • The division is being bought by private equity firm Nexus Capital
  • The firm will pay an initial £19.3m with the remainder spread over 7 years 

City & Finance Reporter for the Daily Mail

Pearson has sold its US school textbook business for £193 million

Pearson has sold its US school textbook business for £193 million

Pearson has sold its US school textbook business for £193 million

Pearson has sold its US school textbook business for £193 million.

The division is being bought by private equity firm Nexus Capital which will pay the academic publisher an initial £19.3 million with the remainder spread over seven years.

Pearson wants to focus more on digital publishing and slash its £432 million debt pile.

It has blamed its US business for dragging down performance as fewer students buy brand new textbooks and choose to rent or buy them second hand instead.

John Fallon, chief executive of Pearson, said: ‘School publishing in America has been an important part of Pearson for many years, and what it does matters to teachers and students across the country.

‘We’re pleased to have found new owners who are committed to its future, and we wish it every success,’ he added. 



READ SOURCE

Read More   Labour threatens £1.3billion tax on chief executives' excessive pay 

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.