April 18, 2018 / 6:39 AM / in a year

Lagardere in talks to sell Elle, other magazines to Czech Media

FILE PHOTO - The logo of French media group Lagardere is seen during the groups annual general meeting in Paris, France, May 3, 2016. REUTERS/Benoit Tessier

PARIS (Reuters) - Lagardere (LAGA.PA) has started exclusive talks with Czech Media Invest over the sale of its French magazine titles, including the famous “Elle” magazine.

Lagardere said on Wednesday that the publications it planned to sell to Czech Media Invest included Elle and its other titles such as Version Femina, Art & Décoration, Télé 7 Jours and its various extensions, France Dimanche, Ici Paris and Public.

Lagardere will keep its Europe 1 radio station, the Paris Match magazine and Le Journal du Dimanche newspaper.

The planned deal is the second struck this week between Lagardere and energy investor Daniel Kretinsky’s Czech Media Invest arm, following Lagardere sale of its eastern European radio assets.

Lagardere is in the process of selling off assets in order to boost its cashflow.

The Czech Media Invest group is the publisher of the Czech Republic’s top-selling tabloid Blesk, three other daily papers and several magazines.

It is 50 percent owned by Kretinsky, whose EPH energy group has bought plants in Germany, Italy and Britain from western utilities to bet that coal-fired sources will still play an important role despite the sector’s shift to renewables.

Reporting by Sudip Kar-Gupta; editing by Jason Neely

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