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Posts Tagged ‘Lagardére’

Hearst Set to Buy Paris-based Lagardère… and Fire 30 Percent of Workforce

Hearst is set to buy the magazines published outside of France by Paris-based Lagardère for about $900 million, the New York Post reports.

Lagardère’s, whose U.S. division Hachette Filipacchi publishes such titles as Elle, Woman’s Day, and Car and Driver, and Hearst, which publishes Cosmopolitan and Esquire, among a number of other magazines, are expected to announce the deal as early as today.

The deal, which would bring under one roof the Hachette media group and Hearst magazines, would make Hearst the clear leader in the international magazine business, so, watch out Time Inc.

But in case you think this is great news for the magazine business, think again: the Post reports that the merger is expected to result in a massive bloodletting of 30 percent or more of the work force. No word yet on where the layoffs are expected to occur.

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Hearst Purchases Lagardére Magazines for $887 Million

Okay, now it’s official. Hearst Corporation announced this morning that it has acquired over 100 of Lagardére’s magazines, in a deal that has been talked about for quite some time now.

The question of what happens to Elle has been answered as well – Hearst will have publishing rights for the magazine in 15 countries, including the United States.

Hearst is paying $887 million for the titles, and all is expected to close by the beginning of the third quarter.

Nothing like starting off your Monday with a multi-million dollar deal. What happens next for the Hearst execs? How do you even top this? FishbowlNY bets it involves donut holes.

Hearst President David Carey Lays Out Company Expansion Plans

The first official business day of the new year was a busy one for Hearst president David Carey as he addressed his staff on the future of the company in light of their exclusive negotiations to buy Lagardére‘s international media divisions.  Yesterday Carey distributed a memo to all Hearst employees urging forward thinking and risk taking in 2011.  Carey was at no shortage for words when describing his vision for Hearst in the coming months.  You can read his full note below, courtesy of Folio.

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It’s Official, Hearst And Lagardére Are Discussing A Deal

As 2010 drew to a close, rumors of French-based media conglomerate Lagardére selling off international divisions including Hachette Filipacchi Media U.S. (HFMUS) to Hearst began to heat up.  Today those rumors have been substantiated as Adweek is reporting that the two sides confirmed that they are in fact discussing a deal that would involve Lagardére selling their overseas press and magazine business to Hearst.  Among the major titles that would move from HFMUS to Hearst are Elle, Women’s Day, Car and Driver, and Road & Track.

The exclusive negotiations between Lagardére and Hearst will run through Jan. 30.  Other suitors that are looking to enter the Lagardére sweepstakes are Germany’s Bauer Media Group and the Meredith Corp.

UPDATE: According to WWD, Lagardére is pushing to retain editorial control over Elle even if Hearst purchases the magazine.