Hearst/Hachette Acquisition Is Complete
Hearst has closed the U.S. portion of its $913 million acquisition of Lagardère SCA’s non-French magazines.
That’s Elle, Elle Decor, Car & Driver, Cycle World, Road & Track and Woman’s Day, which make up Lagardere’s Hachette Filipacchi Media U.S.
Hearst now owns outright the latter three magazines and publishing rights “in perpetuity” for Elle and Elle Decor in every language but French. This purchase makes Hearst the second largest magazine publisher in the U.S., after Time Inc.
As for the logistics of the merger, HFM staffers will be moving to Hearst Tower “within six to 9 months,” according to Hearst Magazines president David Carey.
That is, about 60 percent of those staffers. Keith Kelly noted back in March that the merger is expected to result in the layoffs of 30 percent of the combined staffs.
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