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Bloomberg mulls a bid for Financial Times

Dec. 10, 2012 at 3:56 PM   |   Comments

NEW YORK, Dec. 10 (UPI) -- New York City Mayor Mike Bloomberg, 90 percent owner of Bloomberg LP, is considering buying the Financial Times, sources told The New York Times.

The decision appears balanced between Bloomberg's personal enjoyment of the London business newspaper he says he buys every day and profit, which is the halo around his $7.6 billion business data empire.

Financial Times is estimated to be losing money while experiencing the fate of similar print media companies that are losing advertising revenue to the Internet. Bloomberg LP, on the other hand, is digital, which means buying Financial Times would be a step back from a technological point of view.

Bloomberg has said he is tempted, but hesitant. "I buy it every day," he told a reporter in London during a visit to newspaper's offices in October. He is quoted as saying to an associate, however, "Why should I buy it?"

Financial Times is owned by Pearson PLC, where two top executives have recently left, which might be seen as creating favorable conditions for a bid for FT, which also includes half ownership of The Economist and is valued at about $1.2 billion, The New York Times said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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