Hearst Corporation today announced that it has made a binding cash offer of €651 million (or $891 million) for Lagardère’s international press and magazine business.
The transaction includes publishing rights to Elle in 15 countries and 10 editions of Elle Décor. In addition, the deal includes ownership of Woman’s Day, Car and Driver, Road & Track and Cycle World in the U.S.; Red in the U.K. and Holland; and significant monthly and weekly titles in many major markets.
In total, Hearst will acquire 102 titles in 15 countries: U.S., Russia & Ukraine, Italy, Spain, U.K., China, Japan, Netherlands, Czech Republic, Hong Kong, Mexico, Taiwan, Canada and Germany as well as extensive digital operations, with 50 websites and numerous mobile and tablet applications. Hearst anticipates significant synergies with its existing magazine business, particularly in the U.S. and U.K.
The companies have extended their exclusive negotiations agreement, which began on December 31, 2010. Closing of the transaction is expected by Q3 2011.
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