Lagardere says to close certain magazines or newspapers |
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Tue, 16 Jan 2007 19:12
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PARIS (AFX) - Lagardere ScA chief executive Arnaud Lagardere said the group is to close certain magazines or newspapers, due to falling circulation.Talking at a press luncheon, Lagardere did not name the titles concerned, simply replying 'Yes' when asked if closures are expected.On Jan 25 the group is scheduled to unveil to analysts and shareholders its strategy for its new media division which combines print and audiovisual products.'There will be inevitable changes, probably tough (ones) for some,' Lagardere said.He said the 'clear drop' in magazine and newspaper circulation and the 'digitisation of society, if the press (sector) does not react, it is doomed.' The company said employee representatives will be briefed on the restructuring before the presentation.In November, when it published nine-months sales, Lagardere warned ad sales at its press division would remain under pressure in the fourth quarter and that prospects for circulation were not improving.It said the weakness was in magazines for men and regional daily press.paris@afxnews.comafp/mrg/icCOPYRIGHTCopyright AFX News Limited 2006. 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.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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