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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-4.80 | -0.62% | 774.40 | 774.40 | 780.00 | 781.60 | 772.00 | 779.90 | 316,018 | 16:40:00 |
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.
LVMH didn't disclose the price of the transaction.
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 from Groupe Amaury. The family-held media company also owns L'Equipe, a sports daily newspaper, and runs sporting events such as the Tour de France bike race and the Paris Marathon.
Olivier Corsan, a photo journalist and union leader at Le Parisien, said that Groupe Amaury held a meeting in the afternoon with employee leaders to announce the news of the negotiations with LVMH, adding that it was focusing on its sports properties. The negotiations aren't to conclude until October 2015, Mr. Corsan said.
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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