Hearst Corporation, owner of British magazine publisher NatMag, is on the verge of adding Elle to its magazine roster, according to a report published over the weekend.
The US media giant is about to acquire the international magazines arm of LagardÃ¨re for £550m, according to the Sunday Times (paywall protected).
Under the deal, LagardÃ¨re will retain ownership of Elle but a licensing deal that will allow Hearst to publish it ‘at a cost of more than £10m a year”.
LagardÃ¨re, the French owner of UK magazine publisher Hachette Filipacchi, entered exclusive talks with Hearst last month over the sale of its international press and magazine businesses.
The two companies issued a joint statement on New Year’s Eve outlining how exclusive negotiations would be in place until 30 January over a possible cash sale.