Hearst Corp. CEO Frank A. Bennack, Jr., announced the closing of the U.S. portion of the company's purchase of Lagardère SCA's non-French magazine properties for approximately 640 million Euro ($913 million). Hearst will get Elle, Elle Decor, Car & Driver, Cycle World, Road & Track and Woman's Day. According to Min Online:
The announcement is the partial culmination of Lagardère's Jan. 31 acceptance of Hearst's binding offer. Concurrently, Hearst closed on its purchase of Lagardère magazine properties in nine other countries (including Canada, Italy, Mexico, Japan and Spain), with the closures in Russia, Ukraine and the United Kingdom "expected to be completed shortly." Regulatory approvals account for the delays there and in China, where completion is expected later this year.
The closing of this deal makes Hearst Magazine the second largest U.S. magazine publisher with over 30 million circulation after Time Inc.