Arnault Lagardère and Groupe Arnault together hold 12.77 percent of Lagardère capital with 15.19 percent of voting rights.

The transaction is expected to finalize in early September.

The media company, focused on books and travel retail, had been fending off an activist investor.

Other titles included in the sale are Version Femina, Art & Décoration and Public, the group said.

The French media group noted a 6.7 percent drop in sales of magazine advertisements year-over-year in the first half.

Journalists vow to maintain their editorial independence as Lagardère Group holds talks to sell the magazine to a Czech billionaire.

Other titles expected to be included in the sale are Version Femina, Art & Décoration and France Dimanche.

Advertising revenues fell 6.3 percent in the magazine business over the first half despite resilience in circulation numbers, the group said.

Advertising revenues fell 8.1 percent in the first quarter, impacted by the run-up to French presidential elections, the group said.

Losses for the publisher of French Elle and Paris Match were offset by other divisions.

The publisher of the French edition of Elle and Paris Match said circulation at its magazines fell 9.1 percent, while advertising revenues declined 5.1 percent.

The project is inspired by the values from the magazine.

The “difficult situation” was partially offset by resilience in circulation and fast growth in digital.

The group noted an improved trend in magazines, with a lesser dip in circulation.

A 29 percent increase in digital sales could not offset a 6.8 decline in ad revenues.