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Pearson sells 22% stake in Penguin Random House

Shares in Pearson have risen after the company said it was selling a 22% stake in book publisher Penguin Random House.The sale, to its joint venture partner Bertelsmann, is expected to raise about $1bn (£776m) and Pearson said it would return £300m to shareholders.After the deal, Pearson will still have a 25% stake in Penguin Random House.Pearson shares rose 2.5%. The firm has struggled of late, having issued several profit warnings and reported a record loss earlier his year.Pearson was the biggest riser on the FTSE 100, with the share index up 12.46 points at 7,382.49 in early trade.Shares in Marks and Spencer fell 0.6% after the retailer reported a further fall in sales.Like-for-like sales at its clothing and home division fell 1.2% in the three months to 1 July, which was not as bad as the 5.9% drop in the previous quarter. However, food sales dipped 0.1%, which was worse than expected.In the FTSE 250, shares in Galliford Try rose 5% after the housebuilder said it expected full-year profits to be at the top end of forecasts.On the currency markets, the pound edged up 0.1% against the dollar to $1.2894 and was also 0.1% higher against the euro at 1.1314 euros.
Source: BBC News

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