2023-06-16 17:51:55
Editis will fall well into the lap of Daniel Kretinsky. The Vivendi group, controlled by Vincent Bolloré, announced on Friday that it had reached an agreement for the sale of 100% of its publishing subsidiary to the Czech businessman, an operation carried out under duress from Brussels. This sale was announced in a press release without specifying the amount. It “will take place at the latest (…) at the beginning of October”, specified Vivendi.
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 gave the go-ahead a week earlier, on the condition that Vivendi sell Editis and the magazine Gala.
Editis is France’s number two in publishing, with around fifty publishing houses including Robert Laffont, Nathan, Le Robert, Plon, Julliard and Pocket. It achieved a turnover of 789 million euros in 2022.
Between 500 and 600 million euros
This is Daniel Kretinsky’s first acquisition, via his Czech Media Invest (CMI) group, in the book market in France. The Czech billionaire was previously present in the media (Le Monde, Elle, France Dimanche, Ici Paris, Marianne, among others) and distribution (Fnac Darty, Casino).
“Vivendi’s signing of this agreement follows the opinion of the employee representative bodies of Vivendi and Editis,” Vivendi said. Vincent Bolloré’s son, Yannick, confirmed in April that Vivendi had negotiated a price “close” to 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.
The arrival of Daniel Kretinsky should upset the management of Editis, starting with its general manager Michèle Benbunan, in charge since the takeover by Vivendi.
#Daniel #Kretinsky #finds #agreement #Vivendi #buy #Editis #number #French #publisher