lvmh is one step away from purchasing Paris Match for 120 million of Euro. The luxury giant, led by billionaire Bernard Arnault, is increasingly closer to an agreement with the group Lagardère (of which 59,71% is owned by Vivendi) for the purchase of the iconic French publishing magazine, born way back in 1949. The publisher himself announced the state of the negotiations in a note.
LVMH-Lagardère negotiations in the final stages
“During today's meeting (yesterday, Wednesday 22 May, ed.), the Board of Directors of Lagardère Sa took note of the satisfactory progress of the exclusive negotiations launched with the LVMH group on 27 February 2024, following the offer received for the Paris Match magazine, and authorized the signing of a preliminary memorandum of understanding and the continuation of exclusive negotiations", reads the press release.
“Relevant employee representative bodies will be consulted on the proposed transaction in due course. Final binding agreements could be signed by the end of July 2024. Any proposed sale will also be subject to regulatory approval antitrust and could be completed by the end of September 2024,” concludes the note which also specifies the enterprise value of 120 million euros for the operation.
Meanwhile, the Breton magnate Vincent Bolloré took control of Lagardère at the end of 2023, after a complex, years-long operation. And as the Paris Match move approaches, Arnaud Lagardère, president of the group, finds himself in the spotlight for aaccusation of embezzlement of corporate funds, a move that led him to announce his resignation from his executive duties, even as he announced his intention to contest the charges.
LVMH is not just luxury
LVMH, in addition to being a giant in the luxury sector, has a solid presence in the world of media. Already owner of Les Echos, Le Parisien e Knowledge of the Arts e Invest, is also active in other industries, including media and entertainment, with Classical Radio. And by the summer he could also add Paris Match to his portfolio. But he doesn't stop there. In his kingdom, names such as the infamous Italian pastry shop stand out Cova, the luxurious department stores La samaritaine and the hotel chain Cheval blanc. While this diversification is impressive, LVMH's true essence lies in the luxury and wine sectors, which together generate the majority of their profits.
On the other hand, Lagardère owns other media beyond Paris Match, including: Le Journal du Dimanche, Jdd Shops , license ELLE. Furthermore, it has a strong presence in publishing, producing books, e-books and games.
