Paris Match magazine shifts ownership to billionaire Bernard Arnault

French billionaire Bernard Arnault has added another jewel to his media crown, taking control of Paris Match, one of France's best-known weekly magazines.

Arnault's latest acquisition, announced on Tuesday, brings Paris Match under the umbrella of his vast media empire, after the publication spent time under the stewardship of right-wing media tycoon Vincent Bolloré.

France's richest man and CEO of luxury goods conglomerate LVMH, Arnault gained control of the iconic magazine as part of a broader deal that includes other publications like Le Journal du Dimanche.

These outlets were previously overseen by Bolloré, whose controversial influence stirred tension within France's media landscape.

Right-ward shift

Bolloré's ownership saw Paris Match increasingly shift toward more conservative content, a move that sparked criticism from both readers and journalists.

The Paris Match editorial team will now come under the larger framework of the Arnault-owned media group, which includes prestigious outlets like Les Echos and Le Parisien.

LVMH said in a joint statement with the previous owners that the deal "marks the beginning of a new chapter" in the history of Paris Match, which was founded in 1949.

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Often described as a discreet yet powerful media player, Arnault is viewed by some as a stabilising figure compared to Bolloré.

However Arnault also regularly meets centrist President Emmanuel Macron and has been criticised for his attitude towards freedom of the press.

According to the specialist publication La Lettre, the billionaire has banned LVMH executives from speaking to to seven blacklisted media outlets.

The transaction also signals the ongoing consolidation of media ownership in France. Critics argue this concentration gives undue power to the country's elite.

The first Paris Match under LVMH will be published on 10 October.

(with newswires)