Earlier this month FishbowlNY reported that talks between Lagardére and Hearst were heating up as the latter gained exclusive negotiating rights to purchase Lagardére’s overseas press and magazine business. Today, The Wall Street Journal indicates that the deal between the two media conglomerates is even more imminent as sources close the the situation claim Hearst will pay Lagardére over $950 million for ownership of several titles and shared control of other magazines. Included in the group of mags that Hearst will own publishing rights are 15 editions of Elle and 10 editions of Elle Decor.
The 30-day period set for the Hearst-Lagardére negotiations ends on Jan. 30, however it can be extended. If a deal is reached it is not likely to be finalized until the spring.