By Mauro Orru

Lagardere's board of directors gave the green light to signing a preliminary memorandum of understanding for the sale of Paris Match magazine to luxury-goods giant LVMH Moet Hennessy Louis Vuitton, saying exclusive negotiations would continue.

The French media group said the nonbinding memorandum of understanding paved the way for billionaire Bernard Arnault to buy Paris Match, a magazine best known for spreads of politicians and celebrities, based on an enterprise value of 120 million euros ($130.3 million).

Lagardere entered into exclusive discussions with LVMH in February. Final binding agreements could be signed at the end of July, though a sale would be subject to approval by competition authorities.

Lagardere said a potential sale could be completed at the end of September.

Write to Mauro Orru at

(END) Dow Jones Newswires

05-22-24 1231ET