Pearson has agreed to end its 50:50 joint venture with South's Africa's Times Media Group (TMG) by selling off its half of the publishing group, BDFM, reports the Financial Times.
It means that TMG will gain full ownership of BDFM, which publishes the Business Day newspaper and the Financial Mail weekly magazine and also owns the African Broadcasting Channel.
Pearson has held its 50% stake in BDFM since 1997. TMG already owns some of South Africa's largest newspapers, including the Sunday Times and The Sowetan, as well as other media assets.
Both Business Day and the Financial Mail have been struggling for some time and BDFM's editor-in-chief,Peter Bruce, is quoted as saying the two publications are either loss-making or operating on "paper-thin margins".
Source: FT
