The international waxworks business of Madame Tussaud's moved into private hands yesterday when British media group Pearson sold the business to a management buyout group for £352 million sterling.

However the Pearson's asset disposal was marred by market fears about a much bigger deal - the company's $4.6 billion buy of US publisher Simon & Schuster from Viacom. Pearson's shares fell more than 2 per cent as its Financial Times newspaper reported the company was preparing a contingency plan in case a key part of the US deal fell through.