Rumors that Hearst was in the middle of a deal with Lagardere to take over publication of its stateside Elle titles are over, after an executive batted them down during an earnings call yesterday.
During the call executives said that they had entertained offers from American companies becuase that’s their job, but at the moment there are no specific plans, according to Memo Pad.
Keith Kelly said that a deal between Hearst and Lagardere could be announced as early as the end of the week. That was July 7! The rumors “are said to be heating up again, according to the latest industry buzz,” Mr. Kelly wrote.
Nothing was ever heard from either company on the record. “The radio silence makes a certain sense given the potential buyer is known for its defense agency-ready secrecy, while the prospective seller is based in France, where most of the country is on its usual month-long summer sabbatical,” wrote Matthew Lynch for Memo Pad earlier this month.
We’re not surprised that this blew up given the way it began, but let’s just say the summer was more fun for it.