Japan's Nikkei going global with Financial Times takeover

Japanese media giant Nikkei said Friday its surprise acquisition of the Financial Times for US $1.3 billion underscores its goal to be the voice of Asia on economic affairs as part of a broader Internet-driven global expansion.

But the unlikely cross-border marriage -- Japanese media rarely venture overseas and are routinely criticised as timid in pursuit of investigative news -- has sparked concerns about editorial independence at the storied salmon-pink business paper founded in 1888.

"The merger of the Financial Times and Nikkei will give the group a major international presence in the media sector," the Japanese paper said in its Friday edition, touting it as the country's biggest-ever foreign media acquisition.

President and CEO Naotoshi Okada said on the Nikkei's website: "Our goal is nothing short of making Nikkei the leading media voice in Asia".

Later Friday, Okada moved to allay fears that the new owners would interfere in the FT's day-to-day story decisions.

"We're going to preserve editorial independence... that is what we've told (them)," he said at a press briefing in Tokyo.

Tsuneo Kita, the Nikkei's chairman, echoed those sentiments, saying there were no plans to change the "content or form" of the British paper.

Kita, who said the deal came together quickly with discussions over a deal starting a little more than a month ago, described the FT as an ideal "international partner".

"The FT has the confidence of many readers, not only in Europe but around the world," Kita said.

"Businessmen and decision makers appreciate the quality of its articles and depth of its analysis. The Nikkei and FT share common values."

In Japan, the Nihon Keizai Shimbun -- or Nikkei daily -- is a must-read for executives and has a strong track record of financial scoops.

About 2.7 million copies of its morning edition are printed daily while the afternoon version numbers 1.4 million copies.

The FT deal adds an internationally known brand and about 225,000 print copies to the Nikkei's arsenal as it eyes a battle with business powerhouses the Wall Street Journal and Bloomberg.

Online, the Nikkei-FT marriage would catapult the group past the New York Times' 910,000 Internet subscribers.

Like the FT, the Nikkei is seen as a business bible.