Lagardere CEO: Committed To Selling Canal Plus Stake

French media group Lagardere SCA (MMB.FR) is still committed to selling its 20% stake in pay-TV Canal Plus France, Chief Executive Arnaud Lagardere said Tuesday.

"We will sell, whatever happens," Lagardere said, speaking at the group's annual general meeting in Paris.

In March Lagardere postponed the initial public offering, or IPO, of its stake in Canal Plus France--the rest of which is owned by international media firm Vivendi SA (VIV.FR)--due to volatile market conditions following the earthquake in Japan.

The group hopes to resume this process over the next few months, Lagardere said.

Lagardere also confirmed its full-year target for operating profit from its media divisions will grow around 10% in 2011. This guidance is based on the group's structure as of Jan. 1, so includes the international magazine assets it is in the process of selling to U.S. media giant Hearst Corporation, and excludes currency changes.

The sale of the international magazines business is due to close in May or June and the group may propose an exceptional dividend to shareholders with the extra cash it will receive from this and possibly other sales over the next months and years, Lagardere added.

Lagardere is also eyeing some acquisitions for its sports marketing and entertainment business--Lagardere Unlimited--notably in Asia and the U.S., the CEO said.

-By Ruth Bender, Dow Jones Newswires; [phone]; [e-mail]