Neue Luzerner Zeitung opens the doors to the "old aunt" in the Central Switzerland media marketBy Markus Knöpfli AG für die Neue Zürcher Zeitung is expanding its regional newspaper strategy by acquiring Ringier's 49 percent stake in Neue Luzerner Zeitung. It will transfer this stake to LZ-Medien-Holding, where it will become the largest shareholder with a 33 percent stake.
According to COO Martin Werfeli, Ringier's reason for exiting Neue LZ was that the last Ringier investment in a regional newspaper no longer fitted in with the strategy of the internationally active group. All the more so as Ringier had only held a minority stake in Neue LZ.
The situation is different for the NZZ. With its majority shareholdings in St.Galler Tagblatt (SGT) and Bund, it already has two regional newspapers in its portfolio and can now expand this with the Lucerne branch. Beat Lauber, NZZ manager responsible for regional newspapers, describes speculation that the NZZ is now considering cooperations with SGT, Bund and Neuer LZ, including the possibility of a headline system, as "absurd". "We want strong, regional roots, and this is optimal at Neue LZ," he says. Synergies between SGT and Bund are certainly an issue in the NZZ Group, and Neue LZ with its six split editions will certainly be invited to participate. However, it is not about merging sub-editorials, but rather about cooperation in the areas of IT, accounting or distribution. In the editorial area, cooperation would only be considered for special pages, supplements or major events.
Lauber does not want to change much in the advertising market either. He describes the Swisspool, to which SGT and Neue LZ belong, as a "good thing". However, he does not see a pool of NZZ newspapers. On the other hand, the three regional newspapers have a Publicitas lease, which gives the NZZ Group more weight compared to the "P". Lauber is cautious. "We are an important customer for the 'P'," he only confirms.
"We were not looking for this change in shareholders, but we understand Ringier's reasons for leaving and are satisfied with the new shareholder." Erwin Bachmann, Delegate of the Board of Directors of LZ-Medien-Holding, commented on the new situation with these words. For the Neue Luzerner Zeitung itself, however, this would not result in any significant changes. "There will be no headline system," he also says.
On the other hand, he sees the fact that NLZ "as the largest source of income for our company" is now 100 percent under the LZ Medien umbrella as positive. The reason: Ringier was previously able to milk almost half of the Neue LZ dairy cow before it was transferred to the LZ Medien stable for accounting purposes. Ringier did not care how the entire farm was doing economically. NZZ, on the other hand - like the 1,900 or so other LZ Medien shareholders - will only eat the profits of the entire farm or share in any overall losses. In this respect, it shows more responsibility, but also secures more opportunities to have a say, for example in the printing sector or with private radio stations.
NZZ now holds stakes in five local radio stations
In any case, it is expanding strongly in these two areas through the acquisition in Lucerne. After the complete integration of Neue Luzerner Zeitung AG, LZ-Medien will hold stakes in the printing companies LZ Multicolor and Kündig, as well as 16% in Radio Sunshine and 36.4% in Radio Pilatus. Lauber's strategy here: The regions will continue to be served with these media types, but he will examine "optimizations" in commercial printing, as he says. And with his stake in five radio stations (in addition to Sunshine and Pilatus, also BE1, Aktuell and Ri), he wants to have a clearer say in the current pool discussions. Incidentally, LZ-Medien-Holding still holds 6.5% in Tele Tell, 23.75% in Swissclick, 33.3% in Pressevertriebs AG (in which Ringier and Zuvo also each hold a third), 16.7% in Surseer Woche, 32% in Digitaldruck Pyramis AG and 100% in the publishing houses Maihof and Profi Press.
But before the NZZ entry in Lucerne is really possible, two (probably rather small) hurdles still have to be overcome: Firstly, it needs the approval of the Competition Commission, and secondly, the LZ Medien shareholders will probably have to change the transfer restriction provisions at the AGM on June 18, which previously allowed individual shareholders to hold shares of no more than 20 percent. However, NZZ can then propose two persons for election to the twelve-member LZ Medien Board of Directors. The increase in share capital by CHF 2.6 million to CHF 7.8 million associated with the NZZ entry, on the other hand, had already been decided earlier and in a different context.
Incidentally, Tamedia, which holds a 5 percent stake in LZ- Medien-Holding, did not wish to comment on NZZ's investment.
NZZ wants to negotiate lease with "P"
The new lease agreement between St. Galler Tagblatt and Publicitas has been signed. In principle, the previous contract has simply been extended, says Lauber. He won't say for how long. However, he confirms that the SGT has considered withdrawing from the "P" lease. However, this topic will only be discussed with the "P" once the new PubliGroupe management under CEO Hanspeter Rohrer is in office, says Lauber.