Lagardere says it is closing in on sale of Paris Match magazine to LVMH (updated)
22/05/2024 17:58
(Adds details)
PARIS, May 22 (Reuters) - French media and business
conglomerate Lagardere LAGA.PA said on Wednesday it is moving
closer to a sale of its Paris Match magazine to luxury goods
giant LVMH LVMH.PA , on an enterprise value price tag of 120
million euros ($130 million).
"At its meeting today, the Board of Directors of Lagardère
SA noted the satisfactory progress of the exclusive discussions
initiated with the LVMH group on 27 February 2024, following the
offer received for Paris Match magazine, and authorised the
signature of a preliminary memorandum of understanding and the
continuation of exclusive negotiations," said Lagardere.
LVMH already owns financial newspaper Les Echos as well as
daily paper Le Parisien.
It did not immediately respond to a request for comment.
Lagardere said the sale of Paris Match, which mixes coverage
of current affairs with photos of celebrities and royalty, could
be completed by the end of September.
Media conglomerate Vivendi VIV.PA acquired Lagardere last
year and currently owns 59.71% of the group.
($1 = 0.9229 euros)
(Reporting by Sudip Kar-Gupta. Additional reporting by Mimosa
Spencer; Editing by Kirsten Donovan)
((sudip.kargupta@thomsonreuters.com;))