Japanese financial newspaper Nikkei said on Thursday it is buying Financial Times from U.K. publishing group Pearson PLC

PSON, +1.49%

for 160 billion yen, or $1.29 billion. Pearson earlier on Thursday confirmed it was in advanced talks over the possible sale of the British FT Group, which includes the Financial Times newspaper, but the potential buyer was not disclosed. Nikkei announced the agreement in an email to subscribers Thursday afternoon U.K. time.