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Posts Tagged ‘Pearson Education’

OFT mulls Pearson’s Harcourt buy

The Bookseller’s Alison Bone reports that the Office of Fair Trading is considering whether Pearson Education‘s $950 million acquisition of Harcourt Education from Reed Elsevier will result in “a substantial lessening of competition” in the UK’s educational publishing market. The deal, unveiled in May, gives Pearson Education about 23% of the UK schools market, more than former market leaders Oxford University Press and Nelson Thornes.

The OFT is asking for representations from interested parties by 4th July. If it finds the deal has created a “relevant merger situation”, it will then consider whether the deal could “result in a substantial lessening of competition” in the UK, and if it should be referred to the Competition Commission for further investigation.

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Strong Profits for Pearson

Pearson provided its ts regular January trading update today, stating that they continued to perform strongly through the fourth quarter of 2006. Pearson Education sustained its good revenue momentum and achieved further margin improvement, ahead of expectations, as we benefited from our investments in educational testing and technology. The Financial Times added circulation and advertising and Penguin had a good year-end publishing and selling season. Their preliminary results will be announced on February 26th.

Marjorie Scardino, chief executive, said: “A strong all-round performance in our key fourth quarter selling season capped another very good year. All around Pearson, our investments in content and technology are paying off. Those advantages have produced Pearson’s highest ever profits in 2006, and will bolster our future growth.”