Report: Hearst buys Car and Driver, Road & Track from Lagardère
Legardère has been under pressure from stock holders for some time to slim its international efforts and redouble its focus on domestic exploits. Meanwhile, Hearst has been vying for a better way to lock horns with Condé Nast on the fashion and beauty advertising front, and the acquisition of American Elle alongside the rest of the new titles should provide the appropriate venue for that action.
With a newly diversified portfolio of titles under its belt, Hearst believes that it stands to significantly increase its advertising dollars. The New York Times reports that last year, Time Inc. led the advertising fray with more than $4 billion, followed by Condé Nast with $2.5 billion and Hearst with $2.4 billion. Had the new titles been included in last year's figures, Hearst would have walked away with $3.5 billion in ads.
[Source: The New York Times]
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