|Pleased to partner with Hearst|
The takeover by Hearst Corporation of the international magazine businesses of Lagardère has also necessitated a change of name and relationship with Canada's Transcontinental Media Inc. Hearst acquired a 49% interest in Les Publications Transcontinental-Hachette Inc as part of the overall acquisition.
The company was a joint venture of Transcontinental Media and Lagardère to publish ELLE Canada and ELLE Québec. The acquisition means a renaming of the company as Les Publications Transcontinental-Hearst Inc., effective immediately, according to a release from Transcon.
Pierre Marcoux, senior vice president, business and consumer solutions group, Transcontinental Media added, "We are pleased to now be partners with Hearst which is one of the most respected media companies in the world. This is a company that has the highest possible standards of editorial quality and innovation, and has shown that it has a strong belief in a bright future for the magazine business here in Canada and across the globe."
Commenting on the completion, Duncan Edwards, president and CEO of Hearst Magazines International, said, "We are delighted to have closed the transaction in Canada and we are very pleased to have become partners with Transcontinental Media in what is an outstanding business. We are looking forward to working with Pierre Marcoux and his management team and we are excited about the future."