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Lagardère Sells Magazine Unit For €651M
France’s Lagardère has sold its international magazine portfolio to Hearst.
France’sLagardèrehas sold its international magazine portfolio toHearst,The Wall Street Journalreports. Hearst will pay about €651 million to Lagardère to get control of all or parts of 102 magazine editions in 15 countries.
As per the deal, Hearst will assume publishing rights to Lagardère’sEllemagazine outside of France, while Lagardère will continue to control and profit from commercial use of the brand. Hearst’s offer is subject to regulatory approvals and is expected to be completed by the second half of 2011.
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