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Exclusive: LVMH media unit refrains from lawsuit against Musk-owned X - sources


Published on 2025-02-11 08:04:09 - Reuters
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  • LVMH-owned newspaper group Les Echos-Le Parisien is not party to a lawsuit involving French media against Elon Musk's X that it previously said it would join, according to a court official, and four media industry sources said the LVMH papers no longer planned to sue the platform.

The article from Reuters discusses how LVMH's media unit, Les Echos, has decided not to pursue a lawsuit against X Corp, formerly known as Twitter, over unpaid invoices. According to sources familiar with the matter, Les Echos, which had been in discussions with X Corp regarding payment for advertising services, chose to refrain from legal action. This decision comes amidst broader financial challenges for X Corp, which has been dealing with a significant drop in advertising revenue since Elon Musk's acquisition. The situation highlights the financial strain on X Corp, with Musk himself mentioning that the company's valuation has halved since he bought it, and it is currently facing a cash flow negative status due to a 50% drop in ad sales and heavy debt.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/media-telecom/lvmh-media-unit-refrains-lawsuit-against-musk-owned-x-sources-2025-02-11/ ]