Hearst profits hit by deal

THE OWNER of Cosmopolitan and Esquire magazines, Hearst, saw profits more than halve in 2011 in the UK after its £76.6m acquisition of Hachette Filipacchi’s British business.

Hachette Filipacchi’s UK arm, which publishes magazines including Elle, was bought by the US-based publisher alongside the US, Russian and Ukrainian businesses in 2011, although the price of the UK deal was not revealed until at the time.

Pre-tax profits at the company, which trades as National Magazine, fell to £5.2m due to the cost of integrating Hachette.