Digital subscriptions rise again at FT

The Financial Times has seen digital subscriptions rise 17% to 313,000.

Pearson said that the FT reaches an average daily audience of nearly 2.1 million, with digital subscriptions “growing strongly”. The company added that “advertising remains weak and short-term, but we continue to take market share”.

Pearson, publisher of the Financial Times, saw revenues increase by 5% and operating profit fall by 5% in the 9 month period to September. In July, Pearson reported in its half-year results that digital subscriptions had overtaken daily print circulation for the first time.

Separately, Pearson and German media group Bertelsmann SE, owner of Random House, have agreed to combine Pearson’s publishing unit Penguin and Germany’s publisher of Fifty Shades of Grey, Random House.

Under the terms of the agreement, Penguin and Random House will combine their businesses in a newly-created joint venture named Penguin Random House. Bertelsmann will own 53% of the joint venture and Pearson will own 47%.

At the weekend, there were reports that News Corporation is thinking about a £1 billion cash bid to acquire Penguin Group.