PARIS, Sept 21 (Reuters) - French publishers La Martiniere Groupe and Media-Participations announced talks over a merger that could create a group with combined revenues of more than 560 million euros ($666 million), in the latest sign of consolidation in the industry.
Both the companies are unlisted. La Martiniere, which owns the well-known Parisian literary publishing house Le Seuil, had 2016 revenues of 206 million euros while Media Participations had 2016 turnover of 355 million euros.
“We are considering our options for a closer connection between our two groups, in the form of an exchange of shares. I need to think about the future of the house I founded 25 years ago,” said Herve de La Martiniere in a statement on Thursday.
Media and publishing companies around the world have been embarking on takeover and merger deals, as they look to tackle lower advertising revenues and move away from the traditional print business and into online and digital publishing.
Earlier this year, Bertelsmann raised its stake in Penguin Random House by buying a stake in Penguin from Pearson , while Wenner Media is exploring options for its majority stake in the Rolling Stone magazine.
$1 = 0.8408 euros Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas