PARIS — LVMH Moët Hennessy Louis Vuitton continues to expand its print media division.
The French luxury group said Tuesday it had closed on the acquisition of French publishing house Les Editions Croque Futur, whose publications include leading business magazine Challenges.
The announcement in October of the presale agreement sparked concern about editorial independence and media concentration in France. LVMH already has controlling shares in a number of publications including financial daily Les Echos, newspaper Le Parisien and weekly magazine Paris Match.
Via its media holding company Ufipar, LVMH has raised its existing 40 percent stake in Les Editions Croque Futur to 100 percent, in agreement with its founder Claude Perdriel. In addition to Challenges, it now has control of popular science magazines Sciences & Avenir and La Recherche.
“The move will enable Les Editions Croque Futur to accelerate the development and distribution of the three publications, particularly in digital format, thereby helping to secure their long-term future. It also reflects LVMH’s commitment to promoting high-quality information and scientific culture, as well as making it accessible to a wider audience,” the group said in a statement.
As part of the deal, political journalist Maurice Szafran, cofounder of weekly news magazine Marianne and a longtime adviser to Perdriel, has been appointed president of Les Editions Croque Futur and will serve as publishing director for all three titles.
“His extensive experience and recognized expertise in the media industry will be a major asset for the long-term development of these publication,” LVMH said.
Press freedom NGO Reporters Without Borders and media unions including the French National Union of Journalists earlier this month asked the Paris Administrative Court and France’s Competition Authority to review the sale on the grounds of what they described as LVMH’s “dominant” position in the business and financial press market.
In a ruling on Dec. 19, the court dismissed the application, clearing the way for the transaction to go through.
In an open letter published in late October, the staff of Les Editions Croque Futur expressed concern about their editorial independence following a meeting with Nicolas Beytout, media adviser to LVMH chairman and chief executive officer Bernard Arnault, in which he reportedly said that LVMH wanted to amend the ethics charter governing the publication’s editorial line.
LVMH did not reply to a request for comment on Tuesday.
In July, the conglomerate, which owns brands including Louis Vuitton, Dior, Tiffany & Co., Moët & Chandon and Sephora, said it had acquired French media group Bey Médias, which publishes daily newspaper L’Opinion and financial news website L’Agefi.