Hearst Corporation Completes the Acquisition of the Majority of Hachette China Operations
(Press Release) NEW YORK, NY, Dec. 6, 2011—Hearst Corporation today announced that it has completed the acquisition of the majority of the Hachette China operations. The remaining operations, which include a joint venture with Marie Claire, are expected to conclude in the near future. This will mark the final portion of Hearst's overall transaction with Lagardère SCA to acquire the company's nearly 100 titles in 14 countries outside of France, including the U.S.
The acquisition includes most of Hachette's magazine-related activities in China and oversight of seven titles, including global media superbrand ELLE, as well as Car and Driver, Woman's Day and Psychologies.
In a joint statement, Hearst Corporation CEO Frank A. Bennack, Jr., and Duncan Edwards, president and CEO, Hearst Magazines International, said, "We're very pleased to have finalized our acquisition in China and look forward to working with our Chinese publishing partners to produce great magazines and expand our existing portfolio of brands in this very important market."
As a result of the transaction, Hachette China will change its name to Hearst Magazines China effective immediately.