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Luxury goods conglomerate LVMH announced yesterday that it is in talks to buy French daily Le Parisien/ Aujourd’hui en France. This is the latest in a series of deals where key French newspaper have changed hands. 
 
According to reports, LVMH’s CEO Bernard Arnault has offered 50 million euros for the newspaper title. Established in 1944 Le Parisien covers Paris and surrounding areas, whilst the Aujourd’hui en France edition is distributed nationally, with a overall circulation of 385 000 copies. The newspaper is currently owned by the Amaury group, but talks of it being up for sale had been in the air since 2010 as it struggled to compete with digital media. 
 

Image source - Le Parisien

LVMH counts a whole range of luxury labels in its portfolio, with a strong focus on lifestyle, fashion and jewellery. Luxury goods brands under the LVMH umbrella include Moët Chandon, Louis Vuitton and Bvlgari, to name but a few.
 
This latest acquisition comes as part of LVMh’s foray into media, after having previously bought another French daily, Les Echos, which covers financial news. This move therefore reveals the conglomerate’s desire to consolidate its media presence, as this would make it a powerful advertisement magnet. In a statement Francis Morel, Chief Executive of Groupe Les Echos said: «This well-known and respected publication would make a material contribution to our group through its strong complementarity with our current titles».
The deal is to be completed by October this year, subject to the approval of competition authorities. According to Le Figaro both Les Echos and Le Parisien could together be worth up to 355 million euros.