The number two of the edition is about to change hands. French media giant Vivendi announced Monday that it has obtained a promise to purchase from the holding company of Czech billionaire Daniel Kretinsky for its entire subsidiary Editis. Until now, the two groups were "in exclusive negotiations". They announced this new step, subject to obtaining regulatory approvals at European level, in separate press releases.

Vincent Bolloré, Vivendi's controlling shareholder, decided in March to sell 100% of the publishing group to Daniel Kretinsky to be able to seize his French rival Hachette, a subsidiary of Lagardère, much stronger internationally than Editis. Kretinsky's holding company, IMI, a 100% subsidiary of the Czech press group CMI, "has committed, through a unilateral promise to purchase, to acquire from Vivendi 100% of Editis, one of the French publishing leaders," it said in a statement.

"Continue to promote Editis"

Vivendi announced the transaction, which closed on Sunday, while unveiling its first-quarter revenue (up 3.3% to 2.29 billion euros). Daniel Kretinsky will have "the means and ambition to continue to promote Editis," commented CEO Arnaud de Puyfontaine at Vivendi's general meeting, held Monday in Paris.

"The acquisition of Editis reinforces CMI's development strategy in the content industry while respecting the cultural exception dimension specific to these activities," IMI said in its press release. The Czech billionaire is also the owner of several French media (Elle, France Dimanche, Ici Paris, Marianne ...) and shareholder of Fnac. CMI France is the second largest magazine publisher in France in terms of circulation.

  • Economy
  • Vivendi
  • Acquisition
  • Media