The matter of the heart

Ringier and Tamedia announced last fall that they intended to sell their majority stake of 92.5 percent (of which 50% each Tamedia Publications romandes and Ringier) in the French-speaking Swiss daily newspaper Le Temps, which was founded in 1998. Minority shareholders are the Geneva banker Claude Demole (3%), the Société des Rédacteurs du Personnel du Monde (2.4%) and the Société éditrice du Monde (2.1%).
 
Even then, the two Zurich publishing houses left the door open: if no convincing offer was received, each would consider buying the other's stake. The announcement of the sale caused quite a stir. Impressum, the largest journalists' association in Switzerland, was concerned about the future of the newspaper and in particular about its quality, editorial independence, the diversity of the media in French-speaking Switzerland and jobs. The governments of the cantons of Vaud and Geneva also expressed concerns. Geneva asked the publishers for a meeting and Vaud announced that it would be following the dossier with particular attention. Pascal Broulis, Vaud State Councillor, indicated that he was critical of the method of selling to the highest bidder.
 
There was no shortage of interested parties. One of the first was the media company Agefi. Watch manufacturer Jean-Claude Biver, who is not from the industry, was also interested in the quality title. The 64-year-old said that he was not looking to make a fortune in the industry, but that it was a desire of the heart. His commitment is private and he is doing it out of love for French-speaking Switzerland. However, he did not want to lose too much money. However, he soon withdrew. The previous management also wanted to take over the newspaper, but Ringier and Tamedia said that a management buy-out was not realistic due to the lack of financing, as this would only be possible with additional financial investors. However, neither publisher wanted this. They announced that only interested parties who wanted to finance a takeover of Le Temps with their own funds would be admitted to the sales process. Individuals or companies who were obviously interested in taking over Le Temps on behalf of third party investors in the background would not be considered. Other known interested parties were Christoph Blocher and Tito Tettamanti with their Medien Vielfalt Holding and the NZZ Group. A "Cercle des Amis du Temps" made up of more than 700 personalities from French-speaking Switzerland also formed to submit a bid. But there were even more interested parties. According to reports, a total of twelve bids were submitted. However, as Ringier CEO Marc Walder announced at his annual media orientation, in the end only one candidate remained, the "Cercle des Amis du Temps".
 
Just one day later, Ringier and Tamedia announced that Ringier would take over Tamedia's shareholding and thus become the sole majority shareholder. Walder said in the press release: "Le Temps is a matter close to Ringier's heart! Ringier has always regarded itself as a French-language publisher with deep ties to French-speaking Switzerland. In addition, this acquisition underlines the fact that Ringier - despite consistent diversification and transformation - remains a media company that believes in journalism and its relevance for society." The Competition Commission still has to give its approval for the purchase, but the parties involved are optimistic.
 
Pierre C. Meier