Vivendi in talks to sell Gala magazine to Groupe Figaro (updated)
04/07/2023 11:33
(Adds detail from statement, context)
July 4 (Reuters) - Vivendi VIV.PA has started talks to
sell celebrity magazine Gala to Groupe Figaro, the French media
giant said on Tuesday.
The deal, being pursued via its subsidiary Prisma Media,
would remove a regulatory hurdle to Vivendi's acquisition of
publishing giant Lagardere LAGA.PA .
The European Commission has made the sale of Gala magazine a
condition to approving that deal.
Prisma Media has entered into exclusive negotiations to sell
Gala to Groupe Figaro after receiving several offers, Vivendi
said.
Figaro is a subsidiary of Dassault Groupe, which also owns
Dassault Systemes DAST.PA and Dassault Aviation AM.PA .
Another condition set by the European Commission for
Vivendi's acquisition of Lagardere is its disposal of publishing
unit Editis, which Vivendi is in the process of selling to Czech
billionaire Daniel Kretinsky's International Media Invest.
Vivendi, controlled by French billionaire Vincent Bolloré,
said on Tuesday that it was confident the Gala sale would be
completed by October.
The European Commission will need to approve Groupe Figaro
as the purchaser, Vivendi said.
(Reporting by Olivier Sorgho, Editing by Louise Heavens)
((Olivier.Sorgho@thomsonreuters.com))