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Hachette Filipacchi to exit the stock photo business
The French publishing and media giant, Hachette Filipacchi Medias (HFM,) has decided to divest itself of its holdings in the stock photo business, known collectively as Groupe Hachette Filipacchi Photos. Green Recovery, a French firm that specializes in purchasing distressed companies, is scheduled to take over the business in January of 2007.
During the last several years, HFM purchased a number of rights-managed collections and press agencies including Gamma, Keystone France, Hoa-Qui, Jacana and Top. Despite an effort to streamline the agencies’ operations and the establishment of a single web-site for the group, the subsidiary never made a profit for the HFM. Approximately one year ago, the company appointed Bertrand Eveno, former head of Agence France Press, to the position of CEO of the photo division, and gave him the task of finding an outside investor or buyer for the ailing business. Eveno effected a drastic cost-cutting program for several months which entailed reducing the staff of 140 employees by nearly one third. The company began talks with Green Recovery in May of this year. According to people familiar with the plans for the company, it will likely move to a less expensive location outside Paris. Stephan Ledoux and Olive Bloud, a former manager of the Paris-based RF company, Iconotec, will manage the take-over for Green Recovery.
Posted in: News, Stock Photo Companies
