Ringier secures majority stake in Le Temps

The two media houses Ringier and Tamedia each previously held a 46.2 percent stake in Le Temps. They were both no longer satisfied with this, as they saw better prospects for the newspaper with a strong owner. When the intention to sell was announced at the beginning of October, they already announced that they would negotiate among themselves about a takeover of the title if no convincing offer was submitted (Werbewoche.ch reported). This case now apparently occurred.

Le Temps is the only national newspaper in French-speaking Switzerland. Despite a rather small circulation of 39'716 copies and 109'000 readers, it is of great importance. The outcry in French-speaking Switzerland about the intention to sell was correspondingly loud. Since October, several candidates have expressed interest, including the watch manufacturer Jean-Claude Biver or the business newspaper L'Agefi. The NZZ refrained from submitting a bid despite the similarity with Le Temps. In Geneva, the "Cercle des Amis du Temps" association was founded, which was joined by over 700 members. This association also submitted a purchase offer, which was the last to remain in the running.

"Matter of the heart" for Ringier

After a careful review of the dossiers submitted, Ringier decided to submit a takeover bid itself. On Thursday evening, the contracts for Ringier's takeover of Tamedia's stake were signed. The first information leaked out on Friday morning. Shortly after 10 a.m., Ringier and Tamedia announced the change of hands in a media release and issued an invitation to a media conference at short notice. There, Ringier CEO Marc Walder spoke of a "good day for Ringier". They are ready to invest, Walder said, and described the takeover as a "matter of the heart". From publisher Michael Ringier, Walder delivered the words that Ringier believes in the future of the press.
 
Leadership not in Zurich
 
Walder stressed that the newspaper would not be managed from Zurich. Ringier is expanding in French-speaking Switzerland, where the media company already owns L'illustré, L'Hebdo, TV8 and Edelweiss. Now that Le Temps is joining Ringier Romandie, the newspaper should be able to benefit from "far-reaching synergies at the editorial level, in marketing as well as in advertising," according to the media release. Whether staff will be cut remained open. Walder said it was too early to say shortly after the takeover negotiations. Talks have been held with the "Cercle des Amis du Temps" and will be continued. Ringier wants to remain the majority shareholder, but is open to the association taking a stake in the newspaper, Walder said. Ringier now holds 92.5 percent of the paper. The remainder is shared by Geneva banker Claude Demole (3 percent), the Le Temps staff association (2.4 percent) and the publisher of French newspaper Le Monde (2.1 percent).

Predominantly positive reactions

The majority of reactions in French-speaking Switzerland were good. The "Cercle des Amis du Temps" regretted the sale to Ringier. Valérie Boagno, Director of Le Temps SA, expressed relief that the exhausting six months of uncertainty were over. The staff welcomed the takeover, but warned that the workforce could not be reduced any further without jeopardizing the quality of the newspaper. The journalists' professional association Imprint agreed. The president of the Swiss Media Publishers Association, Hanspeter Lebrument, spoke of the "best solution" for the newspaper. Also the Vaudois State Councillor
Pascal Broulis described the acquisition as "good news". Geneva State Councilor Pierre Maudet took "note" of the purchase.

"We are reluctant to part with our stake in Le Temps," Tamedia publisher and Chairman of the Board Pietro Supino is quoted as saying in a media release. However, a takeover by Tamedia would have led to a lengthy procedure with the Competition Commission. Tamedia already owns Le Matin, Tribune de Genève, and 24 heures in French-speaking Switzerland. (SDA)