MEDIA

EUROPE: The winds of change are blowing through the French business press.

Bernard Arnault's LVMH is in exclusive talks to buy Les Echos from Pearson Plc and has, according to Reuters, made an offer of 250 million Euro's.

Arnault currently owns the loss-making La Tribune and its journalists fear that if he acquired its rival he would divest La Tribune in such a manner that its future would be threatened. Financier Vincent Bolloré has declared his interest in acquiring it.

In common with their counterparts at Dow Jones the French journalists are also concerned that their newspapers' new ownership would threaten editorial independence. Christine Albanel, the French culture minister, said that the government would examine the competition implications of a sale of either or both newspapers.