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Monday, January 31, 2011

Lagardere sells int'l magazines unit to Hearst, (LAGA), (VIV)

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 ($886.7 million) in cash. 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. Lagardere is also seeking to do an initial public offering in the first half of this year of its minority stake in French pay-TV channel Canal Plus, which is controlled by Vivendi (VIV.PA). [ID:nLDE7020VR] [ID:nLDE6AH1UX]