Bernard Arnault is looking to buy Paris Match

With LVMH, Bernard Arnault already owns the financial newspaper Les Echos and the newspaper Le Parisien, but now the most powerful CEO of luxury fashion seems well on his way to acquiring the French newspaper Paris Match. This last was bought last November from the group Vivaldi, owned by the Bolloré family. LVMH's proposal for the acquisition is valued at €120 million, a purchase that would allow Arnault to enlarge his empire in the publishing world, as well as further solidifying his position as richest man in the world.

«This non-binding memorandum of understanding provides for» the transfer of Paris Match based on «an enterprise value of 120 million euros, subject to the finalisation of negotiations», Lagardère stated in a press release. The signing of this agreement was authorised on Wednesday by the board of directors of Lagardère, confirming the progress of exclusive negotiations announced at the end of February by the two groups. Le point reminds us that for the CEO of the luxury group LVMH, Paris Match is «a piece of France», a «jewel» and a premium brand. The entrepreneur was born in March 1949, the same month the first issue of the weekly magazine was released - a sign of destiny, in his eyes. Also, since his entry into the capital of Lagardère group, he holds 7.7% of the capital and has never hidden his interest in the magazine which he had tried to buy in 2021. «The possible signing of definitive agreements could occur by the end of July 2024», according to the press release. Subject to the approval of competition authorities, the project could be finalized «by the end of September», it is added.

This transaction is also considered to help Lagardère reduce its debt, which stood at 2.1 billion euros at the end of 2023. During the first quarter of 2024, the group recorded a turnover of almost 1.9 billion euros, marking an increase of 14%, mainly due to the performance of its stores located in stations and airports. However, its activities in the press sector, including titles such as Paris Match, Le Journal du Dimanche, and Elle, experienced a decline in profit compared to 2022. The relevant works councils will also be consulted for opinions on the sale of Paris Match. Since Vincent Bolloré, known for his conservative views, became the main shareholder of Lagardère, the editorial staff of its major media has been shaken by turmoil. Earlier this year, the Society of Journalists, charged with upholding ethical standards, decided to dissolve.