The Economist has been sold by British publisher Pearson for £469 million – the second time in history the magazine has changed owners.
The Wall Street Journal reports Pearson will sell 27.8 per cent of the Economist Group’s ordinary shares and all of the B special shares to Exor, the investment vehicle of Italy’s Agnelli family, for £287 million.
The rest of its ordinary shares in the publisher will be repurchased by the Economist Group for £182 million.
To help pay for the deal, The Economist Group will sell its Modernist headquarters in London’s St James.
As a result of this purchase, the holdings of all current shareholders will be increased by 25 per cent, affecting the de Rothschild, Schroeder and Cadbury families.
Last month, Pearson sold its stake in the Financial Times to Japanese media group Nikkei for £844 million as the company increased its focus on its education businesses.
Facebook working on mobile news application
Popular social networking site Facebook is developing a new mobile application, with a focus on news.
Currently in its testing phase, the app is very similar to Twitter, according to Business Insider.
The app will allow users to choose publications to follow, and publishers will have the opportunity to send mobile notifications to all followers when news breaks.
When users click on links in these notifications, they will be taken directly to a publication’s website for the full article.
To pilot the app, Facebook has selected just a few publishing companies to launch with.
NBC adds push notifications to its Breaking News app
Users can now receive news alerts for emerging stories, after the NBC added a new feature to its Breaking News app.
Different types of alerts are available to users, including proximity alerts of stories close by, and emerging story alerts, which notify users to potentially major stories.
The app co-founder and general manager Cory Bergman told NiemanLab that push notifications were the best way to reach people.
Reporter charged for covering protests in Ferguson, Missouri
A reporter has been charged with trespassing and interfering with a police officer, a year after his arrest.
Last year, two reporters, Wesley Lowery, of the Washington Post, and Ryan J. Reilly of the Huffington Post, were arrested as a result of their coverage of protests in Ferguson, Missouri.
An unarmed black teenager, Michael Brown, was shot by a white police officer, Darren Wilson, at the protest.
The Huffington Post reports that Lowery was notified on Monday of the charges against him, but Reilly has yet to be charged. However, a spokesman for the St. Louis County executive has confirmed that he will also face the same charges.