Billionaire Bernard Arnault buys influence through media deals in France

The purchase is a precursor to Arnault's group playing a greater role in those activities, people familiar with discussions at the two companies said.

As billionaire Bernard Arnault made global headlines last month for his attempt to extricate his luxury empire LVMH from a $16 billion deal to buy U.S. jeweler Tiffany & Co., a smaller transaction by Europe’s wealthiest man back home in France went largely unnoticed.

Arnault’s investment group acquired a more than 5% stake in Lagardere SCA, once a sprawling conglomerate covering everything from cars and planes to space that’s now focused on media, publishing and retail outlets at airports and train stations.

The purchase is a precursor to Arnault’s group playing a greater role in those activities, people familiar with discussions at