PARIS (AP) — The world's No. 1 luxury goods company LVMH is in talks to buy respected French newspaper Le Parisien, a purchase that would complement its other media holding, the financial daily Les Echos.
A statement issued on Tuesday by LVMH said that it was in exclusive negotiations with the Amaury Group which owns the daily Le Parisien and its sister paper Aujourd'hui en France. Amaury also owns ASO, which runs the Tour de France cycling race. It didn't say what it was offering.
Francis Morel, chief of Les Echos group, told the daily Le Figaro that his newspaper expected a profit in 2015 after years of struggling, but "I'm convinced that remaining isolated isn't an option."
Le Parisien/Aujourd'hui en France, founded in 1944, has a circulation of some 378,300.