Paris Match, a glossy French weekly known for its celebrity scoops on Tuesday became part of the media empire of France's richest man Bernard Arnault, after a stint under right-wing tycoon Vincent Bollore.
The LVMH luxury conglomerate headed by Arnault, one of the world's richest people, acquired the magazine in a deal, first announced in February, worth 120 million euros ($133 million).
An LVMH statement confirmed the Paris Match purchase.
Bollore, whose conservative views are reflected by the CNews TV channel that he owns, has been accused of interference in the editorial line of the magazine, which still shifts 440,000 print copies every week.
A staple of French news-stands, Paris Match is widely read for insights into the life of the country's cultural and political elite and shows an insatiable interest in the British royal family and other European monarchies.
It is also known for the quality of its photojournalism, including from war zones.
LVMH, which already owns Le Parisien daily and Les Echos business newspaper, 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.
Arnault, whose family fortune is estimated at $190 billion according to Forbes magazine, was quoted as saying that the acquisition would allow Paris Match to "accelerate its development, particularly in the digital sphere".
"Faithful to its history yet looking to the future, I have full confidence that the Paris Match teams will reinvigorate the essence of its familiar slogan 'the weight of words, the shock of photos'" he added.
