In the end, it came down to money. After Pearson had chosen the news organisations it believed could become responsible owners of the Financial Times, and quizzed them about their respect for editorial integrity, the outcome turned on whether Axel Springer of Germany or Nikkei of Japan would pay more. It turned out, in a last-minute drama on Thursday afternoon, to be Nikkei.

Amid shock that Pearson’s 58-year ownership of the FT is coming to an end, and pointed questions about how Nikkei will treat its new asset, the ￡844m price tag drew some gasps.

The news business has been in disarray for a decade, with older brands falling and digital ones rising. Yet the price fetched by the FT, which was founded in 1888, was as racy as an internet start-up.