Clarification: Lagardère completes sale of its magazine business in U.K. to Hearst, sale of Czech Republic magazine business to local partner, expects to close China sale before end of 2011
July 29, 2011
– Forestweb Editor's Note: The headline of an article posted on July 29 has been clarified to show that Lagardere has sold its magazine business in the Czech Republic to a local partner.
As announced in the press release dated 31 May 2011, Lagardère SCA (Paris:MMB) has completed the sale of its magazine business to Hearst Corporation in the United Kingdom. The sale covers seven titles.
In addition, the sale by Lagardère SCA of its magazine business in the Czech Republic to the local partner, which already owned 50% of the joint venture, has been finalised. The sale covers six titles.
The sale underway in China is expected to close before the end of 2011, thereby completing the entire transaction.
Lagardère is a pure media group (books, press, broadcast, digital, travel retail and press distribution, sport industry and entertainment), and is among the world leaders in the sector.
Lagardère shares are listed on Euronext Paris (Compartment A).