French media conglomerate Lagardere SCA (MMB.FR) Tuesday raised its full-year guidance for 2010 as advertising markets recovered faster than expected over the past year.

In a statement, Lagardere said it now expects operating profit from its media divisions to be flat to down 5% in 2010, having previously expected a drop of 5%.

The group also said the initial public offering of its 20% stake in Canal Plus France is still scheduled to take place in the second quarter of 2011.

Talks with U.S.-based Hearst Corp. regarding a possible sale of the French group's international magazine business are also continuing, Lagardere said.

Lagardere is Tuesday holding an investor day to outline the strategy for its sports unit, Lagardere Unlimited, which it wants to expand through acquisitions and organic growth in the future, the group added.

-By Ruth Bender, Dow Jones Newswires; +33 1 4017 1740; ruth.bender@dowjones.com