Hearst Corp. has made a binding cash offer of €651 million (about $890 million U.S.) for Lagardère's international press and magazine business. The offer includes 102 titles in 15 countries, including the U.S., Russia, Ukraine, Italy, Czech Republic, Canada, Taiwan, and Mexico, as well as 50 websites and many mobile and tablet applications.
Assets being acquired by Hearst represent €774 million (about $1.06 billion U.S.) in revenue and €49.6 million (about $64.9 million U.S.) earnings before interest and taxes. The negotiations agreement began on Dec. 31, 2010. Closing of the transaction is expected by 3Q 2011.
The transaction includes publishing rights to ELLE, Woman's Day, Car and Driver, Road & Track, and Cycle World in the U.S. A significant number of monthly and weekly titles from many major markets are also included.