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Pearson +12.6%; more cost cuts, U.S. unit sale ahead

May 05, 2017 9:29 AM ETPearson plc (PSO) StockPSOBy: Jason Aycock, SA News Editor
  • Shares in Pearson (NYSE:PSO) are up 12.6% premarket as it says it will sell its U.S. publishing unit and pursue more cost-cutting measures amid an ongoing downturn.
  • The company says it will cut £300M more (about $388M) from expenses by 2020, but "For the next year or two we think the negatives will continue to outweigh the positives so we are running the business on the basis that things will not get better any time soon," says CEO John Fallon.
  • Meanwhile, the company will review its courseware publishing business in the U.S., a division that calls for high levels of investment and has been slow to adjust to an environment where the shift to digital has challenged the teaching materials market.

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