Japan-based newspaper and media group Nikkei have purchased The Financial Times Group for £844M.

Although Nikkei have purchased The Financial Times Group, the £844M deal will not include former owner Pearson's 50% share in the Economist magazine.

John Ridding, chief executive of The Financial Times Group, has assured readers and staff that the acquisition will not lead to future cost-cutting.

The FT Group reported an operating profit of £24M in 2014; Nikkei have purchased the group for 35 times this amount.

The FT Group currently employs around 500 journalists; the main concern amongst staff is that the acquisition will lead to job cuts and forced redundancies.

Ridding said that Nikkei "see opportunity for growth of the FT particularly in the US and Asia."

He went on to say, "If you look at the way they operate they take a long-term view. They want to build up the FT and the grow the business. It’s about investment and growth, not about cost-cutting.”

Laura Davison, NUJ national organiser, said:  "A normal day at work turned into a Thursday shock for FT staff, with speculation and rumour turning into chaos and confusion as another publisher was named as the owner in the afternoon before the announcement was made. Now, NUJ members will need rapid assurance and guarantees on working arrangements, terms and conditions and editorial safeguards. If Nikkei wants to maintain the newspaper's international reputation, it must invest in the journalism and the staff. Members will also want to understand the situation on the pension contribution. Staff who have put so much into the company should properly share in its achievements. The company’s greatest asset is its staff – and NUJ members at the FT want the best possible future for the quality content they produce."