PARIS, FRANCE: Vivendi, the French media giant, has agreed to sell Gala, a celebrity and lifestyle magazine, to Groupe Figaro, a leading French publisher, as part of its planned merger with Lagardère, another media group.
The sale is one of the remedies that Vivendi has offered to the European Commission to address the competition concerns raised by its proposed combination with Lagardère, which owns several publishing and broadcasting assets, a news release said.
Vivendi said it signed a put option agreement with Groupe Figaro on July 26, 2023, giving it the right to sell Gala for an undisclosed price.
The deal is subject to the approval of the European Commission and the consultation of the staff representatives of both companies.
Vivendi expects to complete the transaction by October 2023.