Ending three months of talks, magazine conglomerate Hearst is set to buy Paris-based Lagardere magazines published outside of France for about $900 million, reports the New York Post.
The deal would bring such titles as Elle, Woman’s Day and Car and Driver, which are published by Lagardere’s U.S. unit Hachette Filipacchi, and Hearst’s Cosmopolitan, Esquire, and O The Oprah Magazine under one umbrella.
It would also make it shoot Hearst to the top of the international magazine business and put it that much closer to U.S. giant Time Inc.
The merger is expected to result in layoffs of at least 30% of the work force.
But before the deal could be finalised, the European government needs to approve the merger.
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