Le Temps: No management buyout

The management of Le Temps had developed the idea of a management buyout on its own initiative and informed the two main owners Ringier and Tamedia as well as the public about the idea at the end of October. From the point of view of the two main owners Ringier and Tamedia, the initiative shows that the management of Le Temps is motivated and highly committed to the future of its newspaper and is prepared to contribute its entire journalistic and publishing experience to the further development of the newspaper.

However, in talks over the past few days, media companies Ringier and Tamedia have agreed not to pursue the idea of a management buyout at Le Temps, according to a statement. The goal of a strong majority shareholder continuing to run Le Temps in its own name and at its own risk is not realistic with a management buyout given the lack of financing, it said. Furthermore, a simultaneous search by the management of Le Temps for possible financial investors in the background would lead to a conflict of interest between the management and the main owners of Le Temps.

Ringier and Tamedia will only admit interested parties to the sales process who wish to finance a takeover of Le Temps with their own funds. Individuals or companies that are apparently interested in a takeover of Le Temps on behalf of third party investors in the background will not be considered. The goal of Ringier and Tamedia is to create the best conditions for the continued existence and further development of Le Temps in view of the structural challenges facing the media industry. This decision was communicated to the management and the entire staff of Le Temps at a meeting in the editorial office in Geneva.