French media and tech conglom Lagardere has told investors that it had the capacity to spend as much as $5 billion on acquisitions to continue its transformation into a company overwhelmingly focused on the media. Lagardere has its roots in the aerospace industry, but its media assets are increasingly taking centre stage…The group is already the world’s leading publisher of magazines, owning titles such as Paris Match, Elle and Psychologies. In January, it agreed to take over Time Warner Books to become the world’s third-largest book publisher.
But don’t expect online acquisitions, or at least of the Web 2.0 kind…Arnaud Lagardere, CEO, said that it was necessary to be “realistic” about the Internet sector’s resurgence…Philippe Camus, the head of the French company’s US media arm also gave a presentation to investors titled “Web 2.0 or Bubble 2.0?”.
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