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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lvmh Moet Hennessy Louis Vuitton SE | EU:MC | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
15.00 | 1.96% | 782.00 | 780.00 | 790.00 | 791.50 | 770.50 | 773.00 | 232,682 | 16:40:00 |
By Jason Chow
PARIS--French luxury group LVMH Moët Hennessy Louis Vuitton said late Tuesday it has entered exclusive negotiations to purchase the newspaper franchise Le Parisien/Aujourd'hui from media company Groupe Amaury.
"This well-known and respected publication would make a material contribution to our group," said Francis Morel, chief executive of Groupe Les Echos, the media arm of LVMH that owns Les Echos business newspaper, in a statement.
Philippe Carli, chief executive of the privately held family-owned media company, said Groupe Amaury was selling the newspaper to focus on its sports-related properties. Groupe Armaury owns L'Equipe, a sports daily newspaper, and runs sporting events such as the Tour de France bike race and the Paris Marathon.
Mr. Carli said that LVMH approached Groupe Armaury "in recent weeks" about buying Le Parisien, which he said turned a profit during the first quarter without citing numbers.
"When we received this opportunity from LVMH, we thought, 'why not?' This may be the moment to accelerate our sports business," he said.
Groupe Amaury posted EUR690 million (US$750.1 million) in revenue for 2014, Mr. Carli said--the majority of which came from its sports businesses.
Le Parisien, a daily tabloid based in Paris, along with its sister publication Aujourd'hui, which is published in regions outside of Paris, have long been rumored to be for sale. In 2010, Groupe Amaury hired an investment bank to sell the newspaper but later pulled the publication off the block after it failed to get bids at the EUR200 million it was seeking, French media reported at the time.
Neither Groupe Amaury nor LVMH would disclose the price of the transaction. The deal will include AM Diffusion, a media distributor, as well as a printing press in Saint-Ouen, a northern suburb of Paris.
LVMH's bid for Le Parisien marks the latest in a wave of ownership changes in the French press. Cable and telecoms billionaire Patrick Drahi bought Libération et L'Express earlier this year. Last year, popular newsweekly magazine Le Nouvel Observateur was sold to Le Monde, a daily newspaper controlled by a trio of French businessmen.
Write to Jason Chow at jason.chow@wsj.com
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