Pearson parts ways with The Economist

British publishing company Pearson said on Wednesday it had agreed to sell its 50 percent stake in The Economist Group, the owner of prestigious magazine The Economist. Pearson's shares are being sold for 469 million pounds ($730 million), split between The Economist Group itself and Italian investment firm Exor, which is controlled by the Agnelli family, Pearson said in a statement. Meanwhile, Exor is raising its stake to 43.4 percent from 4.7 percent, it said in a separate statement. "Exor has agreed to purchase 27.8 percent of The Economist Group's ordinary shares for consideration of 227.5 million pounds and all of the B special shares for consideration of 59.5 million pounds from Pearson," the British publisher said. "Pearson's remaining ordinary shares will be repurchased by The Economist Group for a total consideration of 182 million pounds."