Lagardere to Buy Time Warner Books
-- Publishers Weekly, 2/6/2006
French publishing giant Lagardère will acquire Time Warner Book Group, for $537.5 million, the two companies announced this morning.
The purchase is a major step in fulfilling a Lagardère objective to create a balanced portfolio in three main languages, French, English and Spanish. uch as Disney and Microsoft.
Time Warner Book Group also operates in the U.K., Australia and New Zealand, positioning the Lagardère Book Publishing unit, with Arnaud Nourry as President and CEO, as a leading publisher in each of these three countries.
Lagardère General and Managing Partner Arnaud Lagardère said: "This acquisition of the Time Warner Book Group represents an ambitious strategic move for our Book Publishing operations, which have proven to be a source of revenue growth and improved profitability. It shows my willingness to develop our Book Publishing unit, to expand in the US – core market for the media industry – and my personal confidence in Arnaud Nourry. I welcome the people of the illustrious Time Warner Book Group. Their new home is dedicated to the values of the book publishing industry and, with Arnaud Nourry as their leader, they will be in very good hands."
More later.
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