Elsa Keslassy International Correspondent Vivendi has entered into exclusive negotiations with Figaro Group, the company behind one of France’s 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 Lagardère Group, the parent company of Hachette Livres.
The other antitrust commitment has led Vivendi to sell 100% of its publishing banner Editis to 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.
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