Pearson sells Flextech TV stake

Click to follow
The Independent Online
PEARSON, the media group whose interests range from Madame Tussaud's to the Financial Times, yesterday sold its remaining stake in the pay- television company Flextech for pounds 27.6m. Flextech shares closed up 13.5p at 577.5p after the announcement: Pearson gained 25p to 1,055p.

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.