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LVMH announces acquisition of French financial daily Les Echos

LVMH announces acquisition of French financial daily Les Echos

French luxury goods company LVMH Moet Hennessy Louis Vuitton SA said Monday it had concluded a deal with Britain-based media group Pearson PLC to buy France's leading financial newspaper Les Echos.
In a statement, LVMH also said it has signed a deal for the sale of France's other chief financial daily, La Tribune, to businessman Alain Weill.
The financial details of the LVMH-Pearson deal for Groupe Les Echos were not given, but news reports have said it could generate around euro200 million (US$287 million).
Les Echos journalists have warned the deal _ which puts their paper under control of LVMH Chairman and CEO Bernard Arnault, believed to be France's richest man _ could jeopardize their editorial independence and have staged walkouts in protest.
Groupe Les Echos, which includes business magazine Enjeux and online interests, generated euro126 million (US$169 million) in sales and euro10 million (US$13 million) in operating profit for Pearson in 2006.


Updated : 2021-02-25 10:36 GMT+08:00