The owner of the Financial Times is expected to announce 'imminently' that it is selling the paper

Pearson, the owner of the Financial Times, is due to announce "imminently" that it is selling the paper, Reuters is reporting.

Reuters claims it is due to be sold to a "global digital news company."

It follows an earlier report from Bloomberg suggesting that Pearson was looking for bidders in a deal that would value the FT at up to $1.6 billion.

People familiar with the situation had told Bloomberg that German digital publishing giant Axel Springer may be a possible buyer for the 127-year-old title.

Business Insider has contacted Pearson for comment. We will update this article once we receive a response.

Pearson's stock price was up 2.81% at the time of writing.

More to follow. Click here to refresh the page for updates.

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