Dyke nets $1.29 mil profit from Pearson shares sale

Sell-off linked to Dyke

LONDON (Reuters) — Greg Dyke, the incoming head of the BBC, has netted a profit of $1.29 million by selling most of his shares in Pearson, a spokesman for the media group said Thursday.

A Pearson statement said Dyke, the outgoing chief executive of Pearson Television, sold 106,900 share options on Wednesday.

The share sell-off was linked to Dyke’s impending move to the BBC.

When he was appointed BBC director-general, starting in March, the the broadcaster’s board of governors said Dyke had agreed to sever his links with Prime Minister Tony Blair’s Labor Party along with his commercial broadcast interests.

Dyke’s appointment in June ended a public controversy about his suitability because of his personal wealth, his track record in low-brow television programming and his financial donations to Labor.

Dyke also sold 12,000 ordinary Pearson shares on Wednesday, but the company’s spokesman said he made no profit on that deal. Dyke’s stake in Pearson is now limited to 8,000 shares held in a trust, the spokesman said.

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