BREAKING NEWS & VIEWS
Lagardère: ‘No Timetable’ for Magazine Sales
Monday, December 27, 2010
Responding to persistent rumors that French media company Lagardère was about to sell some its international titles (reportedly to Hearst), the publisher sent Reuters word before Christmas that the deals were not imminent. Lagardère’s U.S. holdings include Elle and Car and Driver.
“Rumors of an imminent sale of the international magazine portfolio appear to be coming from anonymous sources which do not seem familiar with the reality of the dossier,” the statement said. Lagardère added that while talks with other media companies continue, “no timetable nor exclusivity deals are on the agenda.”
Lagardère had already announced it was looking for a buyer of its international titles, and numerous reports cited Hearst as the most likely suitor. Lagardère Active has been under investor pressure to divest its non-core French holdings. Reuters had reported last week that the company was deciding between Hearst and Bauer Media.
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