After four weeks of exclusive negotiations, Hearst has purchased 102 titles of Lagardère's portfolio, including those published by Hachette, for $651M€ (approximately $887M). The news came in an internal Hearst memo late last night, and the deal includes 10 editions of Elle Decor, 15 editions of Elle, Car and Driver, Road and Track, Women's Day, and Cycle World, as well as the U.K. publication Red. This means, of course, that Hearst will now publish House Beautiful, Veranda, Country Living, Town & Country and Elle Decor, effectively cornering the shelter market. The deal is expected to close by the end of Q3—so don't expect any tangible changes to become apparent right away. Do expect the rumormongering to gain speed as details take shape.
· New Intel About the Hachette Sale and the Fate of Elle Decor [Curbed National]
· Some Questions About What Happens if Hearst Buys Elle Decor [Curbed National]
· The Elle Decor Theory of Stephen Drucker's Departure [Curbed National]