Lagardere Backs Sale of Paris Match Magazine to LVMH
By Mauro Orru
Lagardere's board of directors gave the green light to signing a preliminary memorandum of understanding for the sale of Paris Match magazine to luxury-goods giant LVMH Moet Hennessy Louis Vuitton, saying exclusive negotiations would continue.
The French media group said the nonbinding memorandum of understanding paved the way for billionaire Bernard Arnault to buy Paris Match, a magazine best known for spreads of politicians and celebrities, based on an enterprise value of 120 million euros ($130.3 million).
Lagardere entered into exclusive discussions with LVMH in February. Final binding agreements could be signed at the end of July, though a sale would be subject to approval by competition authorities.
Lagardere said a potential sale could be completed at the end of September.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
May 22, 2024 12:31 ET (16:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Is It Time to Ditch Your Money Market Fund for Longer-Term Bonds?
-
What’s Happening In the Markets This Week
-
4 Reasons Why Today’s Stock Market Is Delivering Impressive Performance
-
What Does Nvidia’s Stock Split Mean for Investors?
-
5 Undervalued Stocks to Buy as Their Stories Play Out
-
Markets Brief: Return of the Meme Stocks
-
It’s Been a Terrible Time for Bonds. Here’s Why You Should Own Them
-
Which AI Stocks Are Turning Hype Into Revenue?
-
Tesla: Shareholder Vote Reduces Key Person Risk
-
After Earnings, Is CrowdStrike Stock a Buy, a Sell, or Fairly Valued?
-
Adobe’s Strong Quarterly Results Drive Share Gains
-
What Does Broadcom’s Stock Split Mean for Investors?
-
5 Ultracheap Stocks to Buy With the Best Returns on Investment
-
Broadcom Earnings: AI Sales Growth Accelerates
-
Oracle Earnings: IaaS Signings More Than Make Up for Miss
-
This Undervalued Stock Is a Buy After Its Dividend Increase