British media group Pearson, owner of the Financial Times, is reported to be in talks with luxury goods group LVMH Moet Hennessy Louis Vuitton over the sale of its French business newspaper Les Echos.

The decision to sell has come after a company review, which found that Les Echos was “not part of [Pearson’s] global strategy”. The process was set to establish “whether a potential sale of Groupe Les Echos may create value for Pearson’s shareholders and enable Les Echos’ editorial independence to continue and its people to prosper under a new owner.”, according to a company statement.

Les Echos generated €126m in sales last year and contributed €10m to Pearson’s operating profit. 

LVMH, owned by French billionaire Bernard Arnault, is rumoured to have offered €250m for the newspaper, more than twice its yearly turnover, to ward off rival bids.

Les Echo’s journalists staged a strike on Tuesday in protest to a potential sale to LVMH, who also owns rival paper La Tribune, which is currently loss making. 

In a statement, the journalists said they were ready to resume protests “at any time”, as they remained unhappy with the future of Les Echo’s editorial independence should the sale proceed. “[The journalists] reiterate their opposition to any purchase of Les Echos by Bernard Arnault or any other industrial group which would come into conflict with the interests of the group’s editorial staff,” the statement continued.

LVMH commented “The LVMH group attaches great importance to editorial independence which contributes to the credibility, legitimacy and success of all news media. If Les Echos is sold, LVMH would include in the agreement measures designed to guarantee this editorial independence,”

Analysts have speculated on the likelihood of LVMH disposing of La Tribune if the sale of Les Echos goes through. A spokesperson has responded “The answer to that question depends on competition authorities.”