Hearst To Buy Lagardere Magazine, Digital Units for $889 Million
Deal includes 102 titles and 50 Web sites.
Hearst Corp. announced today that it has made an offer of 651 million euros (or about $889 million) for Lagardere’s international press and magazine business, including 102 titles in 15 countries, and 50 related Web sites.
The deal includes publishing rights to Elle in 15 countries as well as 10 editions of Elle Décor. In the U.S., the deal includes Women’s Day, Car and Driver, Road & Track and Cycle World.
The companies say the assets acquired generated about $1.1 billion in revenue and $68 million in EBIT in 2010. The deal is expected to close in the third quarter of 2010.