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Two mainstays of the buff book world have been sold as part of a package deal, after their parent company, French publishing giant Lagardere, dumped a variety of print properties, including Car and Driver as well as Road & Track.
In a shedding of properties that Lagardere no long deems “strategic”, the two magazines, as well as 100 other publications, were sold for $889 million to U.S. publishing giant Hearst. Lagardere’s CEO said that the company could no longer compete effectively in the United States, especially with the downturn in advertising revenue. Women’s magazine Elle was among the titles sold, but the brand will remain under the stewardship of Lagardere, unlike the two car mags. Lagardere subsidiary Hachette Filipacchi Media was the previous owner of the magazines.
[Source: New York Times]