Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Lagardere in Talks to Sell Magazine Business to Hearst

Don't Miss Out —
Follow us on:

Dec. 31 (Bloomberg) -- Lagardere SCA, France’s biggest publisher, is in exclusive talks to sell its international magazine business, including Car and Driver and the foreign editions of Elle, to Hearst Corp.

The negotiations will remain exclusive until Jan. 30 for an all-cash deal, Paris-based Lagardere and New York-based Hearst said today in statements.

Lagardere, which also publishes Paris Match and Stephenie Meyer’s “Twilight” novels, wants to concentrate on its book-publishing and domestic magazine businesses while also pushing into sports marketing. Chief Financial Officer Dominique D’Hinnin said in August that Lagardere had received interest from buyers for some or all of its U.S. magazine titles.

As part of any disposal, Lagardere would seek to retain editorial control of Elle, which has more than 40 international editions, the company said in early December.

The magazine unit accounted for about 22 percent of Lagardere’s sales in 2009, or 1.7 billion euros ($2.3 billion).

Closely held Hearst owns newspapers such as the Houston Chronicle and San Francisco Chronicle and more than 200 magazines including Good Housekeeping and Cosmopolitan.

Lagardere fell 1.8 percent to 30.83 euros in Paris trading. The shares rose 8.5 percent in 2010.

To contact the reporter on this story: Sarah Rabil in New York at srabil@bloomberg.net

To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.