PASSING THE BATON: French businessman Pierre Bergé has sold Têtu, the loss-making general interest gay magazine, to Jean-Jacques Augier, a businessman who was French President François Hollande’s campaign treasurer in 2012.
Augier has taken control of 100 percent of Communication Presse Publication Diffusion (CPPD SAS), the company that publishes Têtu, which has a monthly circulation of around 40,000 copies, said an official at advisory firm AxeMédia, which brokered the deal. Financial terms were not disclosed.
“Pierre Bergé wanted to ensure the longevity of the title. In Jean-Jacques Augier, he has found a buyer who is going to maintain its editorial stance,” the AxeMédia official said. Bergé retains a strong media foothold as co-owner of the French daily Le Monde, alongside Matthieu Pigasse and Xavier Niel.
Augier, the former boss of the Taxis G7 cab firm, has business interests including the cultural magazine Books. He was not immediately reachable for comment. Têtu, founded in 1995 by Pascal Loubet and Didier Lestrade, is reported to be posting annual losses of around 1.5 million euros, or $2 million at current exchange.