LLVMH Moët Hennessy Louis Vuitton has today announced that it has entered into an exclusive negotiation process with Pearson that may lead to the sale of Groupe Les Echos to LVMH. A meeting of the workers committee of La Tribune will be convened in order to analyze the consequences of this process.
Should the transaction proceed, LVMH intends to invest in Groupe Les Echos and grow its leading French business and financial titles.
LVMH has always considered editorial independence as being of the utmost importance as it contributes to the credibility, legitimacy and success of any newspaper. If the sale of Les Echos takes place, LVMH would include specific provisions in the agreement to ensure this editorial independence.
Groupe Les Echos includes the newspaper Les Echos, Les Echos.fr, leading website of economic media, Enjeux and other specialist financial services.
In 2006 the Groupe Les Echos sales reached 126 million euros and contributed to the operating profit of Pearson at a level of 10 million euros.