Hearst buys into Les Publications Transcontinental-Hachette
New York-based Hearst Corporation has completed the acquisition of a 49% interest in Les Publications Transcontinental-Hachette. The publishing company will now be known as Les Publications Transcontinental-Hearst. The acquisition is part of Hearst's overall acquisition of the international magazine businesses of Lagardère. Les Publications Transcontinental-Hachette was a joint venture of Transcontinental Media and Lagardère which publishes Elle Canada and Elle Québec. The transaction gives Hearst full ownership of Lagardère's stake in the venture. "We are pleased to now be partners with Hearst which is one of the most respected media companies in the world," said Pierre Marcoux, senior vice-president of the business and consumer solutions group at Transcontinental Media. "This is a company that has the highest possible standards of editorial quality and innovation, and has shown that it has a strong belief in a bright future for the magazine business here in Canada and across the globe. "