Pearson sells Flextech TV stake
Tuesday 25 August 1998
Pearson's chief executive, Marjorie Scardino, said in March that the sale of the Flextech interests was likely this year as part of the media group's move to dispose of peripheral businesses. Pearson acquired the 5.6 per cent stake in April 1997 when it sold its interests in the television channels UK Gold and UK Living to Flextech.
Yesterday's placing of 4.8 million shares with institutional investors at 575p each by broker Merrill Lynch takes the total proceeds to pounds 51.8m, Pearson said.
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