Hearst Corp. has announced that the acquisition of the magazines owned by Hachette Filipacchi Media is now complete. Lagardère brands published in Italy, Spain, Japan, Netherlands, Hong Kong, Mexico, Taiwan, Canada and Germany, are part of Hearst’s portfolio as well. Brands published in Russia, Ukaraine and China are expected to be ushered under Hearst’s wing later this year. The price tag? About $919 million.
The much discussed deal puts Hearst in charge of over 300 titles, including 13 editions of the powerhouse Elle. Frank Bennack Jr. issued the following statement:
Today’s news represents a rare opportunity to advance Hearst Corporation’s position as a leading U.S. media company and significantly expand our presence domestically, internationally and in major emerging markets. Above all, the deal underscores our commitment and belief in magazines and the brands and content they represent. Magazines continue to connect with their audiences and remain the natural partner for advertisers who want to reach engaged and receptive consumers. Lagardère and Hachette have done a superb job building these titles into real powerhouses that touch readers’ lives in print and on all platforms. We see a great future of success for them here and on behalf of all of us at Hearst, I wish to welcome our new colleagues.