Vivendi has entered into exclusive negotiations with Figaro Group, the company behind one of Frances leading national newspapers, to sell its stake in Gala magazine. The sale of Gala is one of two antitrust requirements imposed by the European Commission to allow Vivendi to complete its acquisition of French media banner Lagardre Group, the parent company of Hachette Livres. The other antitrust commitment has led Vivendi to sell 100% of its publishing banner Editisto a subsidiary of Czech Media Invest (CMI) founded by Daniel Kretinsky. Editis is home to Robert Laffont, Plon and Julliard, among others.
Gala magazine, a popular French title similar to People Magazine, boasts a daily edition during the Cannes Film Festival and belongs to Prisma Media, which is itself owned by Vivendi.
Vivendi said it received several offers for Gala and ultimately decided to enter into exclusive negotiations with Groupe Figaro. The deal would have to be approved by the European Commission.
The parent company of Canal+ Group, Vivendi said it was confident to be able to complete this transaction by October 2023.
With the acquisition of Lagardre group, Vivendis payroll will rise to 66,000 employees compared to 38,000 at the end of December 2022, with a stronger presence in key markets such as France, the U.K., Spain and the U.S. Lagardre is the parent company of Journal du Dimanche, a newsy weekly magazine, and Hachette Livre, a powerful publishing house which owns Grasset, Fayard, Stock, Le Livre de poche and Les Editions Albert Ren, among others.
Vivendi said it is projecting its annual revenues to reach approximately$18 billion (17 billion) based on 2022 results, compared to around $10.7 billion (10 billion) currently.