LVMH to inject up to €150 million into struggling Le Parisien

LVMH Moët Hennessy Louis Vuitton SE will inject as much as €150 million ($173 million) into its loss-making Le Parisien to help improve the newspaper’s finances. 

The funds provided by the luxury group, best known for owning labels such as Louis Vuitton and Christian Dior Couture, will guarantee the stability of Le Parisien’s operations, an LVMH spokesperson told Bloomberg News. The capital injection was first reported by AFP.

LVMH owns other media assets including business daily Les Echos, glossy photo magazine Paris Match and Radio Classique. It is also on the verge of acquiring the rest of business magazine Challenges that it doesn’t already own.

In September, some of Le Parisien’s journalists sent a letter to LVMH’s founder and chief executive Bernard Arnault expressing their worries over speculation the paper could be sold to French media mogul Vincent Bolloré. They accused Bolloré’s outlets of spreading a “far-right activist ideology” and urged Arnault not to sell.