Lagardere says it is closing in on sale of Paris Match magazine to LVMH

PARIS (Reuters) -French media and business conglomerate Lagardere said on Wednesday it is moving closer to a sale of its Paris Match magazine to luxury goods giant LVMH, on an enterprise value price tag of 120 million euros ($130 million).

"At its meeting today, the Board of Directors of Lagardère SA noted the satisfactory progress of the exclusive discussions initiated with the LVMH group on 27 February 2024, following the offer received for Paris Match magazine, and authorised the signature of a preliminary memorandum of understanding and the continuation of exclusive negotiations," said Lagardere.

LVMH already owns financial newspaper Les Echos as well as daily paper Le Parisien.

It did not immediately respond to a request for comment.

Lagardere said the sale of Paris Match, which mixes coverage of current affairs with photos of celebrities and royalty, could be completed by the end of September.

Media conglomerate Vivendi acquired Lagardere last year and currently owns 59.71% of the group.

($1 = 0.9229 euros)

(Reporting by Sudip Kar-Gupta. Additional reporting by Mimosa Spencer; Editing by Kirsten Donovan)