Hearst Taps New International CFO Amid Reports of Impending Cuts
Simon Horne takes over as CFO, general manager of Hearst Magazines International
As Hearst Corp. inches closer to completing its acquisition of Lagardere's international magazine business (including the Hachette Filipacchi titles in the U.S.), the company has named Simon Horne-CFO and general manager of The National Magazine Company, a Hearst subsidiary in Great Britain-to the same role for Hearst Magazines International.
The move comes as Hearst and Lagardere signed a share purchase agreement for the approximate $917.7 million sale of Lagardere's magazine properties. The deal is currently undergoing regulatory approval in 15 different countries.The deal is expected to close in the third quarter of 2011.Â
While the sale will probably be the largest magazine deal of the year and demonstrates Hearst's faith in print (particularly for international editions), the merger could result in downsizing of 30 percent or more of the workforce, according to The New York Post.