Lagardere CEO: Committed To Selling Canal Plus Stake
May 10 2011 - 5:37AM
Dow Jones News
French media group Lagardere SCA (MMB.FR) is still committed to
selling its 20% stake in pay-TV Canal Plus France, Chief Executive
Arnaud Lagardere said Tuesday.
"We will sell, whatever happens," Lagardere said, speaking at
the group's annual general meeting in Paris.
In March Lagardere postponed the initial public offering, or
IPO, of its stake in Canal Plus France--the rest of which is owned
by international media firm Vivendi SA (VIV.FR)--due to volatile
market conditions following the earthquake in Japan.
The group hopes to resume this process over the next few months,
Lagardere said.
Lagardere also confirmed its full-year target for operating
profit from its media divisions will grow around 10% in 2011. This
guidance is based on the group's structure as of Jan. 1, so
includes the international magazine assets it is in the process of
selling to U.S. media giant Hearst Corporation, and excludes
currency changes.
The sale of the international magazines business is due to close
in May or June and the group may propose an exceptional dividend to
shareholders with the extra cash it will receive from this and
possibly other sales over the next months and years, Lagardere
added.
Lagardere is also eyeing some acquisitions for its sports
marketing and entertainment business--Lagardere Unlimited--notably
in Asia and the U.S., the CEO said.
-By Ruth Bender, Dow Jones Newswires; +33 1 4017 1754;
ruth.bender@dowjones.com