03/29/2011 08:47 am ET | Updated May 29, 2011

Hearst In Huge Magazine Deal With Lagardere

As expected, Paris-based Lagardere confirmed that it had capped three months of negotiations with an agreement to sell all its magazines outside of France to media giant Hearst Corp.

There is fear of mass downsizings gripping the estimated 700 employees who work at Largardere's New York-based subsidiary, Hachette Filipacchi Media, publisher of Elle, Elle Décor, Cosmopolitan, Woman's Day, Car and Driver and Road & Track, who if they are lucky enough to survive the merger may be forced to move for the third time in less than a year.