- Hearst Adds Elle, but New Global Footprint May Mean More in Long Run
- Experts Say Rapidly Growing Foreign Magazine Markets Are Smart Places to Seek Growth
Hearst Corp. said today that it has completed the U.S. portion and most of the rest of its deal to buy magazines, websites and apps from Lagardere in 14 countries outside France, quickly setting to work by making changes atop Elle, the biggest prize in the portfolio.
Hearst named Kevin O'Malley, who had been VP-publisher and chief revenue officer at Esquire, to become senior VP-publisher and chief revenue officer at Elle. A successor at Esquire will be named shortly.
Robin Domeniconi, who had been chief brand officer at Elle, will move into a corporate role at Hearst, focusing on business and strategic development, the company said.
Kevin Martinez, who left Hearst to become Elle's publisher last year, was named associate publisher.
In the U.S., Hearst acquired publishing rights to Elle and Elle Decor as well as ownership of Woman's Day, Car and Driver and Road & Track.
"Today's news represents a rare opportunity to advance Hearst Corporation's position as a leading U.S. media company and significantly expand our presence domestically, internationally and in major emerging markets," Frank A. Bennack Jr., CEO of Hearst Corp., said in a statement. "Above all, the deal underscores our commitment and belief in magazines and the brands and content they represent."
The final purchase price was approximately 640 million euros, Hearst said, or about $921 million.
Wednesday, 1 June 2011
Posted by Jon Barnard at 11:23