PARIS—French billionaire Bernard Arnault agreed to take a stake in the holdings of the controlling shareholder of media conglomerate Lagardère SCA, giving a financial lifeline to a longtime friend whose debts were undermining his control of the company.
Mr. Arnault, the controlling shareholder of LVMH Moet Hennessy Louis Vuitton SE and one of the world’s richest people, bought 25% of the holdings of Arnaud Lagardère, who is the chief executive of Lagardère and whose family controls the company, the two men said Monday. The…
