Lagardère SCA has received a fully binding offer of €651 million from Hearst Corporation, for its non-French magazine business with an attached share purchase agreement. The business, which generated revenues of €774 million in 2010, includes 102 titles in 15 countries (The United States, Russia & Ukraine, Italy, Spain, UK, China, Japan, The Netherlands, Czech Republic, Hong Kong, Mexico, Taiwan, Canada and Germany). The deal includes a license allowing Hearst to continue publishing Elle magazine and Elle across other media for a fee of circa €8 million per year.
Lagardère will retain, in some European countries, real estate assets, currently used by the international magazine business, worth around €30M.
Closing of the transaction is expected by Q3 2011.
France, Paris
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- Lagardère may sell its portfolio of international titles either Hearst Corp or Bauer Media Group Posted on December 21, 2010
- Hearst Corporation acquires iCrossing Posted onJune 6, 2010