Lagardere Raises 2010 Guidance; Canal Plus IPO On Track
January 25 2011 - 3:27AM
Dow Jones News
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