LONDON (Brand Republic) - Pearson is to cut spending on FT.com, the online version of the Financial Times newspaper, in an attempt to allay investors’ fears that the company has overspent on online products.
The company upset investors when it announced its full-year results for 2000 with online investment of almost £200m. Last year’s investment in the FT.com of £113m wiped out the £81m profit generated by the newspaper.
CEO Marjorie Scardinio was said to have been surprised by negative investor reaction. Pearson is now planning to cut investment to between £40m and £50m for 2001.
www.ft.com