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April 18, 2018 5:00 pm | FILED UNDER: business

Daniel Kretinsky’s Buying Spree Continues: Negotiating Sale Of Elle Magazine

By ČTK

Prague, April 18 (CTK) – Czech Media Invest (CMI), a company whose co-owner and head is billionaire Daniel Kretinsky, is talking with Lagardere Group about buying France’s magazines including Elle, and the transaction is expected to be concluded in the coming weeks, CMI board member Daniel Castvaj told CTK today.

 

The deal concerns also magazines Version Femina, Art & Decoration, Tele 7 Jours, France Dimanche, Ici Paris and Public.

 

The acquisition does not involve the news division, that is Europe 1, Paris Match and Le Journal du Dimanche, and the Elle brand with its international licences, Castvaj said.

 

Parameters of the transaction will be discussed with organisations representing employees of Lagardere Active company, and the deal might depend on an approval of antitrust offices, the company said.

 

The acquisition would help the company grow, Castvaj said.

 

CMI considers France one of the key markets, he added.

 

The acquisition makes sense if Kretinsky plans also some other activities in France, said media expert Jan Potucek.

 

“His activities spread around Europe so it probably makes some sense to him. It may have been a bonus for the purchase of radio stations in the Czech Republic from Lagardere or a condition of the acquisition,” he told CTK.

 

On Tuesday, CMI said it was buying Lagardere’s radio stations in the Czech Republic, Slovakia, Poland and Romania for EUR73m (some Kc1.8bn). The purchase includes Czech radio stations Frekvence 1 and Evropa 2.

 

CMI, via its subsidiaries Czech News Center (CNC) and CN Invest, has been active mainly on the press market, publishing dailies including Blesk, Sport a Aha!, and tens of magazines. It is a leader in book publishing and newspaper distribution.

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