Luxury giant LVMH is in talks to buy French magazine Paris Match from media conglomerate Lagardere SA, which is majority controlled by Vincent Bollore’s Vivendi.

The owner of Louis Vuitton approached Lagardere with a bid and its board decided to pursue exclusive talks, the publisher said in its earnings statement on Tuesday. The company, whose businesses also include travel retail, was taken over by Vivendi last year.

A sale would expand the media assets of Bernard Arnault, the world’s third richest person. LVMH Moet Hennessy Louis Vuitton SE the luxury conglomerate he controls, is already the owner of French business daily Les Echos and national newspaper Le Parisien.

Paris Match, a glossy photo magazine with stories on celebrities and royals as well as news reports, is traditionally seen as an influential outlet that has often boosted the chances of French presidential hopefuls.

LVMH couldn’t immediately be reached for comment.

By Benoit Berthelot

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