Lagardere Moving Closer on Sale of Paris Match Magazine to LVMH

French media and enterprise conglomerate Lagardere stated on Wednesday it’s transferring nearer to a sale of its Paris Match journal to luxurious items large LVMH, on an enterprise worth price ticket of 120 million euros ($130 million).

“At its assembly at present, the Board of Administrators of Lagardère SA famous the passable progress of the unique discussions initiated with the LVMH group on 27 February 2024, following the supply acquired for Paris Match journal, and authorised the signature of a preliminary memorandum of understanding and the continuation of unique negotiations,” stated Lagardere.

LVMH already owns monetary newspaper Les Echos in addition to day by day paper Le Parisien.

It didn’t instantly reply to a request for remark.

Lagardere stated the sale of Paris Match, which mixes protection of present affairs with pictures of celebrities and royalty, might be accomplished by the top of September.

Media conglomerate Vivendi acquired Lagardere final yr and at the moment owns 59.71 % of the group.

By Sudip Kar-Gupta. Further reporting by Mimosa Spencer; Modifying by Kirsten Donovan

Study extra:

LVMH in Exclusive Talks With Lagardere for Paris Match Magazine

The proprietor of Louis Vuitton approached Lagardere with a bid and its board determined to pursue unique talks, the writer stated in its earnings assertion on Tuesday. The corporate, whose companies additionally embody journey retail, was taken over by Vivendi final yr.

Disclosure: LVMH is a part of a gaggle of buyers who, collectively, maintain a minority curiosity in The Enterprise of Style. All buyers have signed shareholders’ documentation guaranteeing BoF’s full editorial independence.