Well it has officially happened. Hearst bought Elle magazine. I hope it is for the best.
From The Cut:
After a month of exclusive negotiations, Lagardère has sold all 102 of its international titles, including its fifteen international editions of Elle magazine, to Hearst Corporation for 651 million euros in cash (about $885.6 million). It’s still unknown to what degree Lagardère will retain editorial control over Elle, per their requests during the negotiations, but WWD reports that Lagardère “retains ownership of the Elle trademark and plans to oversee brand consistency.” The deal is expected to close within months.
Lagardère Sells International Magazines to Hearst [WWD]
Earlier: Lagardère Wants to Keep Editorial Control of Elle After They Sell It to Hearst
Photo from Daily Stab.
I have been hearing these rumors about Hearst buying Elle for quite a long time now, but they have actually been confirmed recently. Lagardere, who owns Elle’s publisher Hachette Filipacchi, has confirmed they are looking into different business opportunities. What that means is that they are looking for “anything from partnerships to joint ventures to an outright sale.”
Elle could be sold to Hearst publications because they are one of the companies looking into the magazine. I think this is very interesting. Whatever happens between Elle and Hearst, I hope that it is all good because I really like Elle magazine. I think it is a great magazine, and the graphics and pictures are really a source of inspiration for me. Lagardere plans to keep editorial control of its foreign magazines like American Elle, but business wheelings and dealings like this make me very nervous.