France: Vivendi authorized by Brussels to absorb Lagardère group with conditions

The European Commission has given the green light "conditionally" to the acquisition of the Lagardère group, which owns Hachette in publishing, but also Paris Match or Europe 1 by another French media giant: the Vivendi group, whose main shareholder is none other than the Breton billionaire Vincent Bolloré.

The logos of Lagardère and Vivendi (illustration image). © ERIC PIERMONT / AFP

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Brussels took a dim view of the distortion of competition caused by the merger of the two groups. Vivendi has therefore had to make concessions, agree to separate from Gala magazine considered a direct competitor to Paris Match, or even and especially from the publishing house Editis, because the Lagardère group owns the world's third largest publisher Hachette Livre. The Commission said in a statement that the assets sold "constitute a viable business that would allow a potential buyer to compete effectively" Vivendi merged with Lagardère.

The Editis group is the number 2 in France and brings together no less than fifty publishing houses. Czech billionaire Daniel Kretinsky has bought it, but he will have to wait for a later decision from the European competition authorities. "The Commission's decision is subject to full compliance with the commitments undertaken", and the implementation of the divestments will be monitored "by an independent trustee under the supervision of the Commission". It will assess "buyer suitability" in a separate approval process.

The merger also raised the question of Vincent Bolloré's growing stranglehold on the wider media landscape. Even if he has officially handed over to his son Yannick at the head of Vivendi, the industrialist is accused of weighing heavily on the editorial line of press companies and houses he owns. An investigative book on Eric Zemmour that Editis was to publish had been cancelled. The merger feared by the actors of the book world is certainly avoided, but Vincent Bolloré still takes control of a publishing giant.

Vivendi launched its assault in early 2020, when the former industrial and media empire Lagardère was at its worst. Weakened by the Covid-19 pandemic, he had a boss and heir, Arnaud Lagardère at bay, heavily indebted and pursued by an activist fund, Amber Capital.

(

And with AFP)

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