Lagardere to sell stake in southern French dailies - reports |
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Mon, 21 May 2007 15:32
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PARIS (Thomson Financial) - Lagardere SCA is in talks to sell its entire stake in Les Journaux du Midi, a group of daily newspapers in southern France, according to French press reports.La Lettre de l'Expansion reported, without indicating its sources, that Lagardere's media division is this week due to conclude the sale of the stake for 150 mln eur.According to the financial weekly, Lagardere will be replaced by Groupe Hersant Media, which will take a 50 pct stake alongside national daily Le Monde.Lagardere currently has a 49 pct stake in Les Journaux du Midi while Le Monde owns 51 pct.Lagardere CEO Arnaud Lagardere had said in January that his group would drop certain magazines or newspapers due to falling circulation.Business magazine Strategies, meanwhile, said that Le Monde is in talks with several potential partners to replace Lagardere in Les Journaux du Midi.Lagardere had previously planned to retain a minority stake in the operation, Strategies added, whereas it now wants to withdraw completely.tfn.paris@thomson.comgt/dcaCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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