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Hearst adds 102 mag titles in £573m Lagardere deal
Business digest: Magazine publisher will become second biggest in US after Time Inc
French publisher Lagardere is to sell rights to 102 of its publications, including Elle (outside of France), to US-based Hearst in a £573m cash deal.
The transaction, once approved by regulators, will make Hearst the second largest magazine publisher in the US behind Time Inc. It already owns Cosmopolitan, Harper's Bazaar and Esquire.
The move signifies a returning confidence in magazine publishing following the recession. The number of magazines folding in North America fell from 428 in 2009 to 176 in 2010. Last year, US magazines saw revenue growth for the first time since 2007.
Frank Bennack, Hearst's chief executive, said last month that, "ink-on-paper magazines will be with us for a very long time".
Read a full report at the Guardian. ·
