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Reuters backs out of FTE purchase.

Reuters, the worldwide news and information service, has backed out of the purchase of the Financial Times Energy (FTE) operation and its more than 30 energy-related newsletters, NL/NL has learned.

The Boulder, Colorado-based FTE, a wholly owned subsidiary of the London-based media group Pearson PLC, has been up for sale for the past three months. Reuters appeared to be the successful bidder for FTE but backed out of the deal during the due diligence phase.

FTE has revenues of around $50 million, and it was reported that Pearson was looking for at least $100 million for the company.

It's also reported that Pearson has reopened negotiations with some of the original bidders for FTE, including McGraw-Hill, publisher of Platt's Oilgram.
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Publication:The Newsletter on Newsletters
Date:Jan 15, 2001
Words:121
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