Ringier's Lucerne Radio Joker
The media group is holding firmly to its minority stake in Radio Pilatus
The media group is holding on ironclad to its minority stake in Radio PilatusBy Markus Knöpfli As is generally known, radios are changing hands at lightning speed. It is therefore surprising that the internationally active media group Ringier, of all companies, is holding on to a small share in Radio Pilatus. And this despite the fact that it no longer pursues a regional strategy.
The fact that Ringier only wants to operate nationally in Switzerland, or at least on a regional language basis, was an immediately obvious explanation for its exit from the Neue Luzerner Zeitung (NLZ) in June. The sale to NZZ, which was thus able to acquire a 33 percent stake in LZ Medien Holding, was only logical. Ringier also exited the sales organization belonging to LZ Medien.
Not so at the local private radio station Pilatus. Switzerland's biggest media group continues to hold a stake in the local
of 18.2 percent and is also represented on the Board of Directors through Bruno Blaser, Head of Blick/SonntagsBlick. Blaser's colleagues on the board come from the retail giants Coop and Migros and from Luzerner Kantonalbank (10 percent each). LZ Medien, the largest shareholder with 36.4 percent, provides Erwin Bachmann as Vice Chairman of the Board of Directors, while Leo Fischer (ex-Cablecom), who holds 15.4 percent, serves as Chairman.
In media poker, you don't gamble away a joker without necessity
If you ask Ringier, you won't get an illuminating explanation for holding on to Pilatus. "The station is highly profitable and the stake doesn't hurt us, so we're staying in until further notice," says COO Martin Werfeli. Which doesn't quite answer the question, because the stake in NLZ was also profitable.
Bruno Blaser is also cagey. He merely points out that it is "very complicated" to sell shares at Pilatus because all other shareholders have a right of first refusal. Nevertheless, Blaser's statement points in a direction, because a pre-emptive right only poses a problem for a seller if he doesn't want to give the pre-emptors higher shares - or if he wants to favor an outsider.
Tamedia is the main potential buyer, all the more so because Radio Pilatus belongs to the City Pool together with the three Tamedia radio stations 24, Basilisk and ExtraBern. But why should Ringier do this favor for its competitor Tamedia? In addition, Tamedia recently sold its small and only indirect stake in Radio Pilatus: It quietly sold a 3.3 percent stake in LZ Medien to the NZZ.
There is talk from insider circles of a counter deal, which is officially denied everywhere. Did Tamedia hand itself a free hand for the relaunch of the Express? Or for the city pool strategies?
However, the NZZ could also be interested in Ringier's share - in order to have a direct say in the station. Beat Lauber, responsible for regional media at the NZZ, waves it off. In the NZZ strategy, each region is regarded as a separate market, which is why investments in a regional media holding company make sense, but not in the individual media belonging to it.
The only one to openly declare his interest in a Pilatus stake is Markus Ruoss, head of Radio Sunshine, the number two station in central Switzerland. The reason: LZ Medien holds a 16 percent stake in Ruoss' radio station, which he would like to buy back but cannot. The Ringier share would be a great bargaining chip. But even if Ringier were to offer a hand, the other Pilatus shareholders, who all want to keep their shares, would hardly do so.
Ringier therefore seems to be holding off on the sale and waiting for a suitable deal in which it can pull the Pilatus trump card out of its sleeve
Radio Pilatus is refreshed
The fact that Ringier only wants to operate nationally in Switzerland, or at least on a regional language basis, was an immediately obvious explanation for its exit from the Neue Luzerner Zeitung (NLZ) in June. The sale to NZZ, which was thus able to acquire a 33 percent stake in LZ Medien Holding, was only logical. Ringier also exited the sales organization belonging to LZ Medien.
Not so at the local private radio station Pilatus. Switzerland's biggest media group continues to hold a stake in the local
of 18.2 percent and is also represented on the Board of Directors through Bruno Blaser, Head of Blick/SonntagsBlick. Blaser's colleagues on the board come from the retail giants Coop and Migros and from Luzerner Kantonalbank (10 percent each). LZ Medien, the largest shareholder with 36.4 percent, provides Erwin Bachmann as Vice Chairman of the Board of Directors, while Leo Fischer (ex-Cablecom), who holds 15.4 percent, serves as Chairman.
In media poker, you don't gamble away a joker without necessity
If you ask Ringier, you won't get an illuminating explanation for holding on to Pilatus. "The station is highly profitable and the stake doesn't hurt us, so we're staying in until further notice," says COO Martin Werfeli. Which doesn't quite answer the question, because the stake in NLZ was also profitable.
Bruno Blaser is also cagey. He merely points out that it is "very complicated" to sell shares at Pilatus because all other shareholders have a right of first refusal. Nevertheless, Blaser's statement points in a direction, because a pre-emptive right only poses a problem for a seller if he doesn't want to give the pre-emptors higher shares - or if he wants to favor an outsider.
Tamedia is the main potential buyer, all the more so because Radio Pilatus belongs to the City Pool together with the three Tamedia radio stations 24, Basilisk and ExtraBern. But why should Ringier do this favor for its competitor Tamedia? In addition, Tamedia recently sold its small and only indirect stake in Radio Pilatus: It quietly sold a 3.3 percent stake in LZ Medien to the NZZ.
There is talk from insider circles of a counter deal, which is officially denied everywhere. Did Tamedia hand itself a free hand for the relaunch of the Express? Or for the city pool strategies?
However, the NZZ could also be interested in Ringier's share - in order to have a direct say in the station. Beat Lauber, responsible for regional media at the NZZ, waves it off. In the NZZ strategy, each region is regarded as a separate market, which is why investments in a regional media holding company make sense, but not in the individual media belonging to it.
The only one to openly declare his interest in a Pilatus stake is Markus Ruoss, head of Radio Sunshine, the number two station in central Switzerland. The reason: LZ Medien holds a 16 percent stake in Ruoss' radio station, which he would like to buy back but cannot. The Ringier share would be a great bargaining chip. But even if Ringier were to offer a hand, the other Pilatus shareholders, who all want to keep their shares, would hardly do so.
Ringier therefore seems to be holding off on the sale and waiting for a suitable deal in which it can pull the Pilatus trump card out of its sleeve
Radio Pilatus is refreshed
Radio Pilatus started its 20th year of operation on December 1. To mark the occasion, the claim "the best mix of the 80s and 90s and the super hits of today" will be replaced by "we play the hits" at the beginning of 2003. For the newly produced layout package, Radio Pilatus is working with the Austrian production company Foster Kent, which developed the acoustic design for Ö3 and Antenne Bayern. In its music profile, Pilatus continues to focus on current and catchy hits. Pilatus managing director Joachim Freiberg describes the changes not as a relaunch, but as "refreshing." Nevertheless, they are to be widely communicated with a campaign consisting of four subjects by the Lucerne advertising agency Künzle. (mk)
