NEW YORK (

TheStreet

) --

Hearst

bought the international magazine business of French media conglomerate

Lagardère

, whose American division, Hachette Filipacchi Media, publishes

Elle

and

Woman's Day

, among other titles.

The deal, worth about $889 million, covers 102 titles in 15 countries, as well as its digital operations, with 50 Web sites and a number of mobile and tablet applications. The transaction comes after months of negotiations and is expected to be completed in the third quarter of 2011.

Lagardère will retain ownership of the French flagship edition of

Elle

, as well as the trademark, and will collect an annual royalty from the international versions of the publication.

The U.S. edition of

Elle

saw its ad page sales gain 9.8% last year, while its advertising revenue saw an increase of more than 12%, according to the Publishers Information Bureau.

Lagardère reportedly wants to sell a 20% stake in the French pay-television channel

Canal Plus

as it looks to shed assets that it no longer considers strategic because of some shareholder pressure to improve operating performance.

--Written by Theresa McCabe in Boston.

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