Hearst Corporation Page 1
84-year-old George R. Hearst Jr. died on Monday after suffering complications from a stroke.
Lagardere, the French company that used to own Elle magazine and all of its international editions, has officially sold those magazines to the Hearst Corporation. The $885.6 million transaction makes Hearst the second-largest publisher of magazines in the United States, right behind Time Inc. and just ahead of Conde Nast.
Hearst, which will be the country’s second largest magazine publisher by the time it completes its deal to buy Elle and other titles from Lagardere, managed to make it through economic horror by continuously keeping both its budgets and its staffs leaner than most androgynous male models — and keeping its nose out of the air. And now, it’s doing what Time Inc. and Conde Nast can’t even think about doing: spending over a billion dollars on new acquisitions.