Lagardere S.C.A.
06 February 2006
PRESS RELEASE
LAGARDERE TO ACQUIRE TIME WARNER BOOK GROUP
PARIS and NEW YORK, February 6, 2006 - Lagardere SCA and Time Warner Inc. (NYSE:
TWX) today announced that Lagardere will acquire Time Warner Book Group, the
fifth largest U.S. book publisher for US $537.5 million. Through this
transaction, Lagardere's Book Publishing branch will become #3 worldwide.
This is a major step in fulfilling a Lagardere objective to create a balanced
portfolio in three main languages, French, English and Spanish.
Time Warner Book Group is a major trade publisher, with many bestselling
authors, including Nelson DeMille, Nicholas Sparks, James Patterson, David
Baldacci and Malcolm Gladwell. Besides adult trade, it publishes illustrated,
religious and children's books and has also developed an audio-book imprint.
Time Warner Book Group is an important distributor for third party publishers,
such as Disney and Microsoft.
Time Warner Book Group also operates in the U.K., Australia and New Zealand,
positioning the Lagardere Book Publishing unit, with Arnaud Nourry as President
and CEO, as a leading publisher in each of these three countries.
Lagardere General and Managing Partner Arnaud Lagardere said: 'This acquisition
of the Time Warner Book Group represents an ambitious strategic move for our
Book Publishing operations, which have proven to be a source of revenue growth
and improved profitability. It shows my willingness to develop our Book
Publishing unit, to expand in the US -core market for the media industry- and my
personal confidence in Arnaud Nourry. I welcome the people of the illustrious
Time Warner Book Group. Their new home is dedicated to the values of the book
publishing industry and, with Arnaud Nourry as their leader, they will be in
very good hands.'
Time Warner Chairman and Chief Executive Officer Dick Parsons said: 'This is a
terrific transaction that is the right thing to do for both the Time Warner Book
Group and our shareholders. With its record-breaking performance in 2005, the
Book Group is at the top of its game. To build on this success, however, it
needs the scale and other advantages that come from being part of a larger, more
global book publisher. This transaction also underscores our commitment to a
strategy of managing closely related, industry-leading businesses to maximize
shareholder returns. We wish our Time Warner Book Group colleagues continued
success and the best of luck at their new home.'
About Time Warner Inc. :
Time Warner Inc. is a leading media and entertainment company, whose businesses
include interactive services, cable systems, filmed entertainment, television
networks and publishing.
About Lagardere SCA :
Lagardere is a market leader in the media sector (books, press, audiovisual, and
distribution/retailing of cultural products). Lagardere is listed on the Paris
Stock Exchange.
Lagardere Press Contacts :
Thierry Funck-Brentano tel. (33) 1 40 69 16 34 tfb@lagardere.fr
Jean-Pierre Joulin tel. (33) 1 40 69 18 03 jpjoulin@lagardere.fr
Arnaud Molinie tel. (33) 1 40 69 16 72 amolinie@lagardere.fr
Lagardere Investor Relations Contact :
Laurent Carozzi tel. (33) 1 40 69 18 02 lcarozzi@lagardere.fr
Time Warner Press Contacts :
Edward Adler (212) 484-6630
Susan Duffy (212) 484-6686
Time Warner Investor Relations :
Jim Burtson (212) 484-8719
Kelli Turner (212) 484-8269
This information is provided by RNS
The company news service from the London Stock Exchange
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