Take that Conde Nast! Magazine behemoth Hearst Magazines is about to get even larger. The NY Post reported this morning that Hearst is planning to buy magazines published outside of France by Paris-based Lagardere for about $900 million, after three months of negotiations.
Lagardere, whose US unit Hachette Filipacchi publishes Elle, Woman's Day and Car and Driver, and Hearst are expected to announce the deal as early as today. The deal would make Hearst the largest publisher in the international magazine business, and close the gap on US titan Time Inc.
The deal would bring under one roof the Hachette media group, which also includes Elle Décor and Road & Track, and Hearst Magazines, home to Harper's Bazaar, and O, the Oprah Magazine and Good Housekeeping, among others.
The downside of this meger however, is an expected massive layoff of 30% or more of the workforce. After all, as we all know the print magazine business has not been in the black lately.
Hearst Chief Executive Frank Bennack is credited with initiating the talks, and Hearst Magazines boss David Carey, who jumped from Condé Nast last June, will greatly expand the portfolio of titles under his command.
Source & Photo: NY PostSee the Top Ten Summer 2016 Trends for Women Over 40