It was a requirement of Brussels at the takeover of Lagardère. The Vivendi group, controlled by Vincent Bolloré, announced on Friday June 16 that it had reached an agreement for the sale of 100% of its publishing subsidiary Editis to the Czech businessman Daniel Kretinsky.
This assignment “will take place at the latest (…) beginning of October “says Vivendi in a communicated, without mentioning the amount. The transaction is essential for competition reasons since Vivendi takes control of a rival, Hachette Livre, as part of its acquisition of the Lagardère group. The European Commission approved it a week earlier, on the condition that Vivendi sell Editis and the magazine Gala.
Editis, number two in France in publishing with around fifty publishing houses including Robert Laffont, Nathan, Le Robert, Plon, Julliard or Pocket, achieved a turnover of 789 million euros in 2022.
Significant discount
This is the first acquisition of Mr. Kretinsky, with his group Czech Media Invest (CMI), on the book market in France. The Czech billionaire was previously present in the media (The world, She, France Sunday, Paris here, Marianneamong others) and distribution (Fnac Darty, Casino).
“The signing of this agreement by Vivendi follows the opinion of the employee representative bodies of Vivendi and Editis”says the group.
Vincent Bolloré’s son, Yannick, confirmed in April that Vivendi had negotiated a price ” neighbor “ the estimate of financial analysts, between 500 and 600 million euros. This is a significant discount compared to the 829 million euros paid in 2019. “Following obtaining authorization from the European Commission to carry out the merger with the Lagardère group, CMI will have to be approved by the European Commission as the appropriate buyer”adds Videndi in his press release.
The arrival of Mr. Kretinsky should upset the organization chart of Editis, starting with its general management, occupied by Michèle Benbunan since the takeover by Vivendi. The group has made a commitment to the Commission to sell Editis and the magazine Galarespective competitors of Hachette and Paris Matchtwo subsidiaries of Lagardère.