Chapter 1388： So familiar

"In the last year of Marjorie's term, I remember it should be 2013.

That year Pearson Group sold the public publishing asset-Penguin Press to Bertelsmann, forming the Penguin-Randon House. Marjorie believes that Pearson will focus more on education after her tenure. The existence of the Financial Times is obviously not in line with her positioning of the Pearson Group. "

Yang Cheng frowned slightly, "But as you said, she strongly opposes the sale of the Financial Times."

Eddie took a sip of coffee, "This is different, boss, the sale of corporate publishing houses is not the result of Marjorie's whim.

In fact, education! In most families, it is a rigid demand. During Marjorie’s tenure, Pearson Group’s operating income and profits were mainly derived from education and related education services, which of course was related to her dedication.

I specifically checked historical data. In the year Marjorie sold Penguin Publishing, Pearson Group’s operating income reached 5.69 billion pounds, of which Pearson Education Group’s income was 4.728 billion pounds, accounting for 83%.

At that time, traditional publishing was facing the impact of the Internet, and the difficulty of operation continued to increase, coupled with the pressure of the global economic downturn. For Pearson, who had become the number one brand of education publishing and service in the world at that time, Penguin Publishing, which was based on mass publishing, It can be said to be incompatible with the Pearson Group, making it only a matter of time and money to be sold.

However, at that time, the "Financial Times" was still a well-deserved hegemon of influence in the United Kingdom, Europe and the world. So even if the "Financial Times" faced the same dilemma as Penguin Press, Marjorie still values ​​it and she hopes Pearson Group will retain This is a window for external speeches. "

Yang Cheng understood Eddie’s meaning and said thoughtfully, “But the times are different. In 2013, the UK, which is accustomed to the traditional reading mode, can still sigh for the Financial Times and continue to linger. After the Internet explosion in the past few years, the Financial Times can say that people staying in their hands in their twilight years can only become a burden for Pearson Group.

But Marjorie has a domineering personality, and she doesn't want her planned route before leaving office to be forcibly changed by the newcomer, so she jumped out and expressed her opposition. "

Eddie gave a thumbs up, "All in! The current management of Pearson Group believes that removing the "Financial Times" retaliation will better focus its business on education strategy and focus more on North America and North America. Exploring the education field in other emerging markets.

The most important thing is that the income of Pearson Group has declined year after year in recent years. They also need to sell the "Financial Times" in exchange for a considerable amount of capital to contribute fresh blood to open up the market and make the strong stronger. "

Yang Cheng nodded slowly, "The Pearson Group’s management is great. This is an excellent plan."

Eddie said, "In fact, we can use this to talk to the Pearson Group. Investing in Pearson, education is a human plan, and children’s education is always the main concern of mainstream consumers. I believe in investing in education and investing in infrastructure. It is the best choice for conservative investment in the same field."

Yang Cheng obviously didn’t expect Eddie’s idea. Thinking about it, it seemed like a good plan, but “why it must be Pearson?”

Of course, this question stems from his lack of understanding of Pearson.

Hearing Yang Cheng’s question, Eddie pondered, “Once the acquisition of the Financial Times is successful and Pearson, which has acquired a large amount of capital, the strategic direction is clear, that is, North America and Asia’s emerging markets.

The growth of Pearson's education sector is mainly due to the good performance of the school business. Its income sources are mainly divided into three major segments: the North American market, the international market, and vocational education. The North American market is still the largest, and sales can approach every year. 3 billion pounds, about 4.5-4.6 billion US dollars, this figure accounts for about 70% of Pearson's total revenue, and controls about 60% of the North American exam market, and vocational education sales are as much as 400 million pounds.

Of course, the fastest growing performance is definitely in emerging markets, and the data in all aspects are also very intriguing.

In the past five years, the sales and operating profit of Pearson’s international education segment have grown at a rate of more than 15% every year.

The new president is still the Englishman John. In the year he took office, Pearson accelerated the pace of expansion in emerging markets and purchased Brazil’s largest chain of English (exquisite courses) training institutions for more than US$700 million. My information is not comprehensive. But this institution has more than 2,600 branch schools in Brazil, and this number is still growing!

Of course, this is not the first big move of Pearson Education in emerging markets. Brazil is not the only emerging market, nor is it the one that Pearson values ​​most. The far east is the country Z after the reform and opening up!

The rapid economic growth of country Z and people's investment in education quickly made it a cash cow for Pearson, and it is also Pearson’s most important market outside of North America! "

Yang Cheng stared in surprise, "Did Pearson enter the country Z market early?"

Eddie looked at Yang Cheng wonderingly, wondering what was surprising about it.

But it’s not easy to question, so I can only answer honestly, “That’s how it was introduced in my information. I entered Country Z as early as the 1970s and 1980s.”

Yang Cheng pressed his hand, got up to let go of his position, and waved to Eddie, "You come to call up the information."

Eddie immediately downloaded it from the cloud disk to Yang Cheng’s computer. Yang Cheng looked at it and showed a dumbfounded expression The co-authored childhood books were all read for nothing. It turns out that Longman Publishing is owned by Pearson. , Including "Practical Basic English", "New Concept English", "Longman English Dictionary" and many other English textbooks, these are the classic textbooks for the generations of Z country to learn English.

Even Universal IELTS, which is hated by countless people, was acquired by Pearson for US$300 million in 2011.

After reading the information, Yang Cheng sighed deeply. He didn't expect the Pearson Group to be so close to him.

This also gave him a natural liking for Pearson, and his determination to invest further increased.

Eddie saw Yang Cheng finished reading the information, and then said, "According to the current price negotiated between Nikkei News and Pearson, I expect the final transaction price of the Financial Times to be between 800 and 900 million pounds.

The money will naturally not stay in Pearson’s account for a long time. All this leaves room for imagination for Pearson’s next move.

I think Pearson must have a relatively complete plan. Invest before that, and it won’t take long to directly harvest the fruits. "

Yang Cheng began to move his heart, and the frequency of tapping his fingers on the table gradually increased, but he still had the last doubt left, which was also his first doubt. "You really have the confidence to convince Marjorie. Although I don't know her, I also know her. It's a huge stumbling block!"

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