The ink will soon dry on the biggest magazine deal of the year — at least a month ahead of schedule, sources said.
Hearst’s nearly $1 billion purchase of the international magazine empire of the Lagardere Group is going to close today, sources said.
Hearst will get control of Elle magazine and all of the Hachette Filipacchi titles in the US today, including Elle Decor, Woman’s Day, Car and Driver and Road & Track.
The deal, for 640 million euros, or $919.4 million, will include all titles outside of France.
Paris-based Lagardere is keeping all titles inside that country.
Most of the employees are expected to be picked up, at least initially, sources said.
The Hachette Filipacchi titles that are currently housed at the Time & Life Building in sub-leased space, will eventually be relocated somewhere inside the Hearst Tower.
Hearst will have regulatory hurdles to clear in a few countries. Titles in Britain as well as China will not formally close today, but are expected to close in the near future.