Pearson and LVMH Ink French Business Daily Deal

07 November 2007

PARIS: French luxury goods group LVMH has finally acquired business newspaper Les Echos, after tortuous negotiations with UK-headquartered owner Pearson Group, parent of the Financial Times.

The €240 million ($348m; £167m) deal has outraged Les Echos' journalists, who unsuccessfully appealed to the French government to block the sale.

They are concerned about editorial integrity once the title becomes part of group whose stable includes designer handbags and fine wines.

They have given short shrift to assurances from LVMH boss Bernard Arnault that the paper will retain its independence.

Data sourced from BBC Online; additional content by WARC staff