LagardÃ¨re, the French owner of UK magazine publisher Hachette Filipacchi, has entered exclusive talks with Hearst Corporation 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.
LagardÃ¨re, which owns Elle magazine, revealed before Christmas that it wanted to sell the more than 200 print titles it owns in 45 countries across the globe to enable it to focus on its domestic titles.
In the UK, LagardÃ¨re publishes eight magazines – including Elle, Elle Decoration, Red and Psychologies – through its wholly-owned subsidiary Hachette Filipacchi.
American media giant Hearst already owns The National Magazine Company, which publishes more than 20 brands in the UK including Company, Cosmopolitan and Harper’s Bazaar magazines.