French media-to-aerospace conglomerate Lagardere (LAGA.PA) said on Monday it would sell its international magazines to U.S.-based Hearst Corp for 651 million euros ($887 million) in cash. By quitting the United States, where it lacked critical mass, Lagardere will refocus on France and shed activities that brought in about 40 percent of its 774 million euros of media revenues in 2010, but less than 5 percent of operating profit. The deal comes as CEO Arnaud Lagardere tries to turn around Lagardere after years of underperformance by selling off weak assets and minority stakes, investing in its new sports marketing division and focusing on its core media businesses.
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