Hearst, Lagardère Ink Deal; Simon Horne Named New International CFO
The deal, first announced in January, includes 102 magazine titles in 15 countries. In the U.S., titles currently published under the banner of Hachette Filipacchi Media—Woman's Day, Car and Driver, Road & Track and Cycle World, among others—will join Hearst's already rich stable of properties that include Cosmopolitan, Harper's Bazaar and Good Housekeeping.
Hearst has also acquired publishing rights to upscale women's brand Elle in all 15 countries, with Lagardere retaining ownership. A similar arrangement gives Hearst publishing rights to Elle Decor in the U.S. and 9 other countries.
The closing of the sale is subject to regulatory approval and antitrust clearances, and is expected to occur "in the coming months," a Hearst Corporation press release states.
Hearst also announced the appointment of Simon Horne as chief financial officer, general manager and senior vice president of Hearst Magazines International. Horne will oversee the finances and administration of the company's new stable of international properties, including titles in Russia, Ukraine, Italy, Spain, U.K., China, Japan, Netherlands, Czech Republic, Hong Kong, Mexico, Taiwan, Canada and Germany.
Horne previously was CFO and GM at Hearst subsidiary The National Magazine Company (NatMag) in Great Britain. The announcement was made by Hearst Magazines International President and CEO Duncan Edwards.
"I'm thrilled to be joining Hearst Magazines International to work with Duncan, with whom I have a longstanding professional relationship, and his talented team," Horne says in a press release. "I look forward to helping manage the company's growth as the business expands with the integration of the additional properties."
Hearst already enjoys a large international presence with brands like Cosmopolitan (at 63 international editions, the most of any magazine), Esquire, Good Housekeeping, Harper's Bazaar, Popular Mechanics and Seventeen. Among the international titles that Hearst will acquire from Lagardère are Red magazine in the UK and Holland, and numerous digital properties including websites, mobile and tablet applications.