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Lagardere Finalises Sale Of Magazine Publishing Titles In France For €52 Mln

French conglomerate Lagardere SCA (LGDDF.PK) announced Friday that it has finalized the sale of most of its magazine publishing titles in France to Czech Media Invest or CMI. The amount of the transaction was 52 million euros.

These titles include Elle and its various extensions, Version Femina, Art & Décoration, Télé 7 Jours and its various extensions, France Dimanche, Ici Paris and Public.

The move is as part of its strategic refocusing around Lagardère Publishing and Lagardère Travel Retail.

In connection with the sale, CMI has been granted an exclusive license for the Elle brand covering France. Lagardère group remains the owner of the Elle brand in France and abroad.

In 2018, these activities generated revenue in the region of 239 million euros, recurring EBIT of around 22 million euros and pro forma EBIT of about 10 million euros. Six hundred and forty-nine employees are being transferred to CMI as part of the deal.

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