As it gets ready to complete its blockbuster purchase of Lagardère’s international magazines division, Hearst Corp. is filling out its international ranks. Hearst announced Monday that Simon Horne, who had been CFO and general manager at its British subsidiary, National Magazine Co., would take on that role—a new one for the company—for all of Hearst’s international magazines.
Also on Monday, Lagardère announced that it had signed the share purchase agreement for the sale of its international magazines to Hearst, moving the sale one step closer to completion.
The deal became official back in January when Hearst, publisher of mass-market brands like Cosmopolitan and Good Housekeeping, offered about $900 million for more than 100 titles, including Hachette Filipacchi Media, parent of Elle, Woman’s Day, and Car and Driver. The acquisition would grow Hearst’s clout in the U.S., making it the number two publisher in terms of ad pages, as well as overseas, where it apparently would be the biggest publisher in number of editions.
The actual close is still expected to take a few months and will require approval by local partners in certain countries, and some government approvals as well.