Pearson revamp could be launched next month
Tuesday 10 December 1996
According to sources at Pearson, a round of meetings will be held from 8 January, the date on which Marjorie Scardino, the company's new chief executive, formally takes over from the retiring Frank Barlow.
On the agenda will be the future status of the company's television subsidiary, which groups Thames Television and Grundy Worldwide, as well as plans to sell theme parks operated under the Madame Tussauds name.
Also under consideration is a possible sale to management of the 50 per cent Pearson holds in Lazard, the investment bank. Pearson would be left with its publishing and information operations, which are viewed as core assets.
A limited number of the secret strategy documents, which are numbered and circulated only to senior managers, have already been sent to Ms Scardino, who is winding up her job as chief executive of the Economist Group, 50 per cent owned by Pearson. They will be discussed in committee, and final decisions will be taken in the course of 1997.
Pearson has been under pressure in recent months to restructure its sprawling operations, which range from the Financial Times to Penguin Books to Mindscape, a money-losing US manufacturer of CD-Roms and game cartridges.
Analysts have suggested that Pearson would remain a takeover target unless it moved to streamline its businesses. They have calculated that Pearson could be worth between pounds 9 and pounds 10 a share if broken up, compared with its closing price yesterday of 706.5p. Pressure from the City led to the early retirement of Mr Barlow and Lord Blakenham, the chairman. Dennis Stevenson, a long-time Pearson board member, is to replace Lord Blakenham in the spring.
Senior management stressed, however, that no decisions had yet been taken on which assets, if any, would be sold. When Ms Scardino's appointment was announced in October, she said that "we have no strategic prejudices and will start with a clean slate".
Diving in at the deep end is no excuse for shirking the style stakes
- 2 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
- 3 Why I'm on the brink of burning my Israeli passport
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 The true Gaza back-story that the Israelis aren’t telling this week
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Loom bands: Bids for dress made from colourful rubber reach almost £154,000 on eBay
Israel-Gaza crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Supermoon 2014: When and why will the moon look bigger and brighter this summer?
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£50000 - £70000 per annum: Harrington Starr: Business Analyst Consultant (Fina...
£300 - £350 per day + competitive: Orgtel: My client, a leading bank, is curre...
£28000 - £32000 per annum + pension, 25 days holiday: Ashdown Group: A highly ...
Negotiable: Randstad Education Birmingham: Randstad Education are seeking a Fi...