French Business Daily Les Echos Finally Falls to LVMH

27 December 2007

PARIS: The dust has finally settled on the sale of leading French business daily Les Echos, which earlier this week officially passed into the hands of French-headquartered conglomerate LVMH.

Following months of battling and political intervention involving the seller (Britain's Pearson group), the would-be buyer and unions representing printers and journalists, the ink finally dried on the €240 million ($348m; £175.46m) contract on Christmas Eve.

LVMH concurrently inked a separate deal to sell its rival business daily, the red-ink drenched La Tribune, to Alain Weill, président-directeur-général of NextRadioTV whose assets include the BFM business news radio station.

The title was reportedly sold to Weill for a token €1 and the deal is expected to close in January.

As required by government antitrust authorities, LVMH will recapitalise La Tribune for €40m, some of this funding in the form of guaranteed advertising over the next two years two years, plus an employee bonus payment.

Data sourced from Financial Times; additional content by WARC staff