France’s Lagardère has sold its international magazine portfolio to Hearst, The Wall Street Journal reports. Hearst will pay about €651 million to Lagardère to get control of all or parts of 102 magazine editions in 15 countries. As per the deal, Hearst will assume publishing rights to Lagardère’s Elle magazine outside of France, while Lagardère will continue to control and profit from commercial use of the brand. Hearst’s offer is subject to regulatory approvals and is expected to be completed by the second half of 2011.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.