LAGARDERE IS IN TROUBLE

Lagardere, the French media and aerospace group, announced a reorganisation of its Hachette Filipacchi Medias magazine and newspaper division, whose titles include Paris Match, Elle and Marie Claire.

They are in trouble, but instead to accept his own mistakes (like firing the editor of Paris Match for being

Arnaud Lagadere said that the press has "little future in its present state" and that "we're moving towards the dismantling of its traditional support structure."

"The press has ten years left. Production costs will become unsustainable."

"Our adaptation will not consist of making a systematic and mechanic transfer of our press to the Internet. That would be a mistake. Our advantage will remain in the richness of our content. We will not submit to the mutation of modes of consumption; on the other hand we will play a part in their evolution."

'We are a magazine company and we will remain one,' he said.

In panic, he has hired a telecom guy to lead the internal revolution, like RCS did a few months ago (and today he is out).

Good luck, Mr. Largardere.

The press stays, but publishers and editors go.