France's richest man takes control of Paris Match magazine

Paris Match, a glossy French weekly known for its celebrity exclusives on Tuesday became part of the media empire of France's richest man Bernard Arnault, after a stint under right-wing tycoon Vincent Bollore's ownership.

The LVMH luxury conglomerate headed by Arnault, who regularly vies with the likes of Elon Musk for the title of the world's richest man, acquired the magazine in a deal worth 120 million euros ($133 million) first announced in February.

A statement from LVMH on Tuesday said Paris Match had officially passed under the group's control.

Bollore, whose conservative views are reflected by the CNews TV channel that he owns, has for the last years been accused of interference in the editorial line of the magazine, which still shifts 440,000 print copies every week.

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A staple of French newsstands, Paris Match is widely read for insights into the life of the country's cultural and political elite and shows an insatiable interest in the British royal family and other European monarchies.

But it is also known worldwide for the quality of its photojournalism, including from war zones.

Contacted by AFP, LVMH, which already owns the Le Parisien daily and Les Echos business newspaper, said it did not want to comment for now on the future strategy of the magazine.

A Paris Match journalist, who asked not to be named, told AFP there was a "desire to restore the Paris Match of its heyday" and "therefore to rehire" after the many staff departures in recent years.

Despite expectations in some quarters of a shift from the line under Bollore, "we don't yet have a very clearly stated editorial strategy," the journalist added. The editorial team was also invited to a meeting on Tuesday.

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But the change was "something of a relief for the newsroom", the journalist said, pointing to the number of covers in recent months devoted to subjects on the Catholic faith to which Bollore belongs.

A summer 2022 cover devoted to the ultra-conservative cardinal Robert Sarah caused particular disquiet. The political and economic editor-in-chief Bruno Jeudy was then replaced by former CNews anchor Laurence Ferrari.

Bollore, whose Vivendi group has swallowed the media interests of his fellow tycoon Arnaud Lagardere as well as CNews, now controls Sunday paper JDD and weekly JDNews which have a considerable right-wing spin.

CNews is meanwhile regularly accused by critics of being a mouthpiece for France's far right.

But Arnault, who regularly meets centrist President Emmanuel Macron, has also been criticised for his attitude towards freedom of the press.

According to the specialist publication La Lettre, the billionaire has banned LVMH executives from speaking to to seven blacklisted media outlets.

Source: AFP