Billionaire Arnault Buys Influence Through Media Deals in France
- Arnault has bought stake in Lagardere and is eyeing Challenges
- The purchases risk concentrating business media in a few hands
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As billionaire Bernard Arnault made global headlines last month for his attempt to extricate his luxury empire LVMH from a $16 billion deal to buy U.S. jeweler Tiffany & Co., a smaller transaction by Europe’s wealthiest man back home in France went largely unnoticed.
Arnault’s investment group acquired a more than 5% stake in Lagardere SCA, once a sprawling conglomerate covering everything from cars and planes to space that’s now focused on media, publishing and retail outlets at airports and train stations. The purchase is a precursor to Arnault’s group playing a greater role in those activities, people familiar with discussions at the two companies said.