Wednesday, July 29, 2009

Elle of a Deal

Is Cathie Black looking to bring Elle to 300 West 57th?!  That's the glossie gossip on the street as the New York Post is reporting that Elle's parent company Lagardere is looking to create "a joint venture or a long term licensing deal" with Hearst.  If this is true (who really knows with The Post) it would cause a massive change in the industry.  However, Cathie Black is one of the most brilliant business women around.  I've listened to her speak, read her book, and had the pleasure of riding in the same elevator with her once and managed to tell her my whole life story in a matter of 38 floors.  She is that type of woman.   

If this is true, some serious questions would arise.  Would Nina go back to Elle? Also, does this mean that Elle staffers will finally get to have a taste of a bigger salary (34K as opposed to 20K for assistant level)?  Does Hearst want a piece of Elle's television connections?  AND more importantly, is this all part of the great magazine die-off?  Will Hachette go under?  What other magazines do they really carry anyway that are profitable?  If Hearst would acquire Elle, it would also give them a big leg up against Conde Nast, whose Vogue publication has just lost out in number of ad pages to Elle last quarter.

True or not, this is one story to watch.




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