The Azerbaijan State News Agency

WORLD

Hearst buys global Lagardere magazines for 887 million dollars

31.01.2011 [16:06]
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Baku, January 31 (AZERTAC). France`s Lagardere media group said Monday it had received an offer of 887 million dollars from US group Hearst for its international magazine division.

Lagardere, one of Europe`s top media conglomerates, is the owner of Hachette publishing house, Europe 1 radio and Elle magazine among other brands. The deal sees Lagardere sell off some 102 titles available in 15 countries.

It also includes a licensing agreement for the international editions of Elle that is expected to bring in another 8 million euros a year.

Stung by a decline in magazine advertising, the Lagardere group has decided to focus its magazine business on France.

Hearst Corporation is one of the biggest media groups in the US, where it owns 15 daily newspapers, 38 weeklies and 29 television channels. Hearst`magazine division includes such titles as Cosmopolitan and Harper`s Bazaar.