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French gay magazine Têtu bought by President Hollande’s friend

French gay magazine Têtu bought by President Hollande’s friend

The French LGBT magazine Têtu has been bought by entrepreneur Jean-Jacques Augier, a close friend of President François Hollande.

The publisher Pierre Bergé has sold Têtu for a symbolic price of €1 and now the monthly magazine risks losing half of its full time staff.

According to Le Nouvel Observateur, which reported the news of the sale, Têtu is losing €1.5 million ($2 million) every year. The magazine employs 27 full time reporters.

Augier has bought Têtu in the middle of the debate on gay marriage in France.

His proximity to president François Hollande has been seen by commentators as another sign of the president’s support of the LGBT cause.

Augier was one of the managers of Hollande’s funds during the last presidential race.

The 59-year-old entrepreneur made his fortune in China and France with the company Taxis G7, a publishing house and a chain of food shops.

Former publisher Bergé, 82, who founded Têtu in 1995, said: ‘I’m selling this magazine hoping that it will be relaunched.’

The news of the redundancies has not been confirmed by the new publisher, but has been reported by Le Nouvel Observateur and several French newspapers.