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French media and business conglomerate Lagardere said on Wednesday it is moving closer to a sale of its Paris Match magazine to luxury goods giant LVMH, on an enterprise value price tag of 120 million euros ($130 million).
“At its meeting today, the Board of Directors of Lagardère SA noted the satisfactory progress of the exclusive discussions initiated with the LVMH group on 27 February 2024, following the offer received for Paris Match magazine, and authorised the signature of a preliminary memorandum of understanding and the continuation of exclusive negotiations,” said Lagardere.
LVMH already owns financial newspaper Les Echos as well as daily paper Le Parisien.
It did not immediately respond to a request for comment.
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Lagardere said the sale of Paris Match, which mixes coverage of current affairs with photos of celebrities and royalty, could be completed by the end of September.
Media conglomerate Vivendi acquired Lagardere last year and currently owns 59.71 percent of the group.
By Sudip Kar-Gupta. Additional reporting by Mimosa Spencer; Editing by Kirsten Donovan
Learn more:
LVMH in Exclusive Talks With Lagardere for Paris Match Magazine
The owner of Louis Vuitton approached Lagardere with a bid and its board decided to pursue exclusive talks, the publisher said in its earnings statement on Tuesday. The company, whose businesses also include travel retail, was taken over by Vivendi last year.
Disclosure: LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholders’ documentation guaranteeing BoF’s complete editorial independence.
