PARIS — France’s Lagardère Group has entered into exclusive talks with Czech Media Invest for the sale of French magazines including Elle, Version Femina, Art & Décoration and France Dimanche.
The move fits a broader restructuring of the company, which also includes the sale of an international radio business. Proceeds from the asset sales will be invested in developing the company’s publishing, travel retail and content production businesses. Lagardère Group’s news division, which includes Paris Match, the Sunday newspaper Le Journal du Dimanche and Europe 1 radio station, as well as the Elle brand and its international licenses, are not part of the transaction.
Czech Media Invest, a large media company in the Czech Republic that is partly owned and managed by billionaire Daniel Kretínsky, is also buying Lagardère’s radio businesses in Eastern Europe.
The magazine transaction, which the parties said should be signed in the coming weeks, remains subject to clearance from employee representative bodies and competition authorities.
Lagardère Active, the group’s division that houses its magazine business, said that the decline in advertising revenues from its magazine business was “contained,” partly thanks to stable circulation figures. The division reported 872 million euros in sales last year, down 4.1 percent on a like-for-like basis in 2017.