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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.
For over a year there’s been speculation that Hearst, one of America’s largest magazine publishers, really, really wanted to buy Elle from its French parent company Lagardere. Today, news broke that the two companies admitted they’ve been working to make a deal happen.