Thick smoke over Jean Frey AG
After the press had reported on impending mass layoffs among the *Beobachter* staff and Editor-in-Chief Ivo Bachmann wrote in the *SonntagsZeitung*
After the press reported the threat of mass layoffs among the Beobachter staff and Editor-in-Chief Ivo Bachmann told the SonntagsZeitungs that his team was prepared to go to extremes, the management of Jean Frey AG reacted promptly last Monday. However, after a marathon meeting with the Beobachter crew and a plenary meeting with the staff of all titles, there was only a thin communiqué: negotiations about an isolated sale of the Beobachter were ruled out. The Beobachter crew had been guaranteed compliance with the editorial statutes, full editorial independence and subordination to the collective labor agreement, and Bachmann was unable to provide any further assurances to the Beobachter team. "We have agreed not to make any further comments." And Swissfirst also announced that it was no longer allowed to provide any information.
Bilanz editor-in-chief Medard Meier, the only person from whom information could be obtained before the editorial deadline, contradicts an article in the NZZ am Sonntag according to which the Bilanz editorial team had also spoken out against the private placement of Jean Frey AG. "Nine out of ten members of the Bilanz editorial team can live with this, because it is much more important for all of us that we know who will own Jean Frey AG." However, Meier demands: "Every shareholder who acquires a stake of more than five percent must be disclosed."
Walter Bosch, representing a European private equity fund and other investors with an interest in Jean Frey AG (WW 10/02), has "no joy" in the confusion among observers. Nevertheless, the fund is still "interested" in buying Jean Frey shares, said Bosch. Like other investors, the fund is still waiting "until the smoke has cleared". The subscription period does not expire until March 27.
Bosch believes Swissfirst's decision not to sell Beobachter separately is the right one. "This stock belongs to Jean Frey AG. And as long as it is there, Jean Frey AG is also interesting," he says. Keeping the Beobachter is "a basic prerequisite" for investing in the publishing house.
What if the Beobachter editorial team carries out its threat and resigns collectively? Bosch reacts gruffly: "If the editors want to willfully jeopardize the product, they should just quit. The Beobachter would be in crisis, but it could still be continued - even with other people. The rights and subscriber base would remain with Jean Frey AG." (mk/dse)
Bilanz editor-in-chief Medard Meier, the only person from whom information could be obtained before the editorial deadline, contradicts an article in the NZZ am Sonntag according to which the Bilanz editorial team had also spoken out against the private placement of Jean Frey AG. "Nine out of ten members of the Bilanz editorial team can live with this, because it is much more important for all of us that we know who will own Jean Frey AG." However, Meier demands: "Every shareholder who acquires a stake of more than five percent must be disclosed."
Walter Bosch, representing a European private equity fund and other investors with an interest in Jean Frey AG (WW 10/02), has "no joy" in the confusion among observers. Nevertheless, the fund is still "interested" in buying Jean Frey shares, said Bosch. Like other investors, the fund is still waiting "until the smoke has cleared". The subscription period does not expire until March 27.
Bosch believes Swissfirst's decision not to sell Beobachter separately is the right one. "This stock belongs to Jean Frey AG. And as long as it is there, Jean Frey AG is also interesting," he says. Keeping the Beobachter is "a basic prerequisite" for investing in the publishing house.
What if the Beobachter editorial team carries out its threat and resigns collectively? Bosch reacts gruffly: "If the editors want to willfully jeopardize the product, they should just quit. The Beobachter would be in crisis, but it could still be continued - even with other people. The rights and subscriber base would remain with Jean Frey AG." (mk/dse)
