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Hearst Inks ‘Share Purchase Agreement’ With Lagardere

After nearly two months of “exclusive negotiating” between the two publishing giants, Hearst has signed an agreement to buy Lagardère’s 102 non-French magazines for 651 million euros ($917 million), minonline reports.

Regulatory approval in Europe is still pending but other than that the deal is on. Hearst will then own Woman’s Day, Car and Driver and Road & Track in the U.S. as well as Elle in fifteen countries, but not in France.

The New York Post’s Keith Kelly adds that the merger is expected to result in massive layoffs, with 30 percent of the combined workforce to be ousted.

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