LVMH moves to buy Le Parisien newspaper

French luxury group LVMH said Tuesday it had entered exclusive talks to buy Le Parisien newspaper.

The acquisition of Le Parisien -- and its sister paper Aujourd'hui en France -- must still be discussed by unions and competition authorities before it is finalised.

LVMH -- best known for its Louis Vuitton and Moet Hennessey brands -- already owns a business-focused newspaper group, Les Echos.

"This well-known and respected publication would make a material contribution to our group," said Francis Morel, chief executive of Groupe Les Echos.

No price has yet been announced for Le Parisien.

As in other countries, French newspapers have seen a precipitous decline in readers and advertising revenue as a result of the Internet.

Many have become reliant on wealthy financial backers, such as LVMH. Le Monde is owned by a trio of rich businessmen who made their fortunes in other sectors, while Le Figaro is supported by the Dassault family, known for its aerospace company.