The Financial Times will change ownership for the first time in almost six decades – as a deal is confirmed between its British owner Pearson and Japanese financial media company Nikkei, who have purchased the iconic 127-year-old newspaper for £844 million.

Pearson, who purchases the Financial Times (FT) in 1957 said that it was selling the pink newspaper and website in order to focus on its bigger educational business in America. Pearson's chief executive, John Fallon said in a statement: “Education and journalism are both great and noble callings but they are not the same thing and require different skills, capabilities and intensity of focus.

“Pearson has been a proud proprietor of the FT for nearly 60 years. But we’ve reached an inflection point in media, driven by the explosive growth of mobile and social. In this new environment, the best way to ensure the FT’s journalistic and commercial success is for it to be part of a global, digital news company.”