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Lagardere says in talks to sell Paris Match magazine to LVMH

Reuters
Updated ·1-min read
FILE PHOTO: The logo of French media group Lagardere is seen at the group's shareholders meeting in Paris

(Reuters) - French publishing company Lagardere said on Tuesday it had received an offer from luxury goods group LVMH to buy Paris Match magazine.

Lagardere did not provide details on the amount of the offer for the magazine title, but said it was "quite significant".

"It's our duty and especially my duty reporting to the board to work on that offer," CEO Arnaud Lagardère told investors.

Lagardere said its board of directors has entered into exclusive discussions with LVMH and will consult with unions representing Paris Match employees, and maybe Lagardere News.

Media conglomerate Vivendi acquired Lagardere last year and currently owns 59.71% of the group.

(Reporting by Stephanie Hamel; Editing by David Goodman and Alexander Smith)