French conglomerate Lagardere (LAGA.PA) is to sell over 100 magazine titles to the publisher of Cosmopolitan for 651 million euros ($887 million), part of a turnaround strategy for the aerospace-to-media group. Monday's deal with U.S.-based Hearst came as Lagardere shares fell 3 percent on news of a formal investigation into an insider trading scandal at EADS (EAD.PA), and as CEO Arnaud Lagardere sought to reassure investors the row would not deflect him from his recovery plan. The sale covers 102 titles in 15 countries, including Car and Driver and Women's Day in the U.S., and is part of Lagardere's attempt to shed weak businesses and seek growth elsewhere. Exclusive talks began a month ago with privately-owned Hearst.
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