New culture of compromise
Publishers After 20 Minuten, Tamedia integrates finance and business. And liberalizes the editorial regulations.
Publishers After 20 Minuten, Tamedia integrates Finanz und Wirtschaft. Newspaper takeovers without at least partial incorporation into the parent publishing house are as rare as sermons without an Amen. The most acquisitive media company in German-speaking Switzerland, the only one listed on the stock exchange, is no exception. And Tamedia is acting quickly: 20 Minuten was transplanted from its little garden in Oerlikon to the glass greenhouse on Werdstrasse less than six months after the early complete takeover (see box). The integration of the back office areas of the stock market journal Finanz und Wirtschaft (FuW) is now also taking place just a few months after the final withdrawal of its longstanding publisher Gerhart Isler. In the case of FuW, its first victim is Peter Bohnenblust. According to his deputy Peter Schuppli, Switzerland's longest-serving editor-in-chief had "different ideas about the degree of autonomy" of the specialist title that he had led in a triumvirate with Isler and Schuppli since 1976.
Kall advisor at Coninx juniorSchuppli shows understanding for Bohnenblust's decision. After all, outsourcing central services to Tamedia and external companies affects two thirds of the former 25-strong publishing house. Since the beginning of 2005, the publishing house has been managed by Martin Coninx. According to FuW insiders, the son and crown prince of publisher Hans Heinrich Coninx was also not happy about a "solo consultant from Thalwil" who was commissioned by CEO Martin Kall to scrutinize the processes and protagonists at Hallwylerstrasse. "We could have done it better ourselves," Schuppli agrees.
He explains the 55-year-old's willingness to lead the editorial team on an interim basis and to play a constructive role in Bohnenblust's succession with a "sense of journalistic responsibility" and his curiosity as to whether guarantees of independence are actually practiced by the parent company. The aim is to make a new appointment this year. To this end, he is currently working with Uli Rubner,
Tamedia's head of magazines, a list of names. No wonder Schuppli would prefer an internal solution.
Rubner cites three factors to justify the change in FuW's division following the move to the parent company: firstly, the management resources in the newspaper business are heavily absorbed by the expansion of Tages-Anzeiger (keyword "regionalization") and 20 Minuten ("St. Gallen und mehr"); secondly, FuW, which is published on Wednesdays and Saturdays, fits well into the magazine portfolio due to its publication frequency and its specialist magazines; and thirdly, as a former business journalist, she feels a personal affinity with this traditional paper.
Rubner denies strategic considerations with regard to a streamlining of the magazine market in general or a possible merger with the Jean Frey magazine Bilanz in particular. The ex-Jean Frey manager also vehemently denies that she wanted to give her segment more weight and prestige within the Group. "It was Martin Kall who suggested this allocation."
Rubner has hardly any renovation plans for the product itself despite circulation losses (2004 minus 2 percent to currently 37572 copies). "Despite the market weakness, we are in an above-average position in the advertising and reader markets. Our market research shows that the quality of FuW's content is highly appreciated. There is therefore no need for action here. We are only planning a slight modernization of the reader guidance and a few layout adjustments."
The editorial regulations are also to be adapted - those of FuW as well as those of the other Tamedia titles. Since the so-called "Huber scandal" of 1992, when the then editors-in-chief of Bilanz and FuW were found to have engaged in questionable share transactions, the business editorial teams of Tages-Anzeiger, SonntagsZeitung and Facts have been strictly forbidden from writing if they themselves own shares in a company.
FuW, on the other hand, has never officially abandoned Gerhart Isler's credo, expressed in a TV discussion in 1992, according to which "only those who know the stock market business, i.e. trade shares privately, can report on it competently". According to Rubner, a guideline is to be drawn up in the next few weeks that will apply to all Group products. This is likely to represent a compromise between the two extreme positions.
FuW interim head Peter Schupp-li, who sits with Rubner, Kall and Coninx junior in the strategy group responsible for this, advocates "opening up the industry view that is obsessively fixated on share trading" and extending the discussion to car and travel editors as well as journalistic relatives on boards of directors and management boards. In principle, Schuppli is against regulations "pour la galerie" and in favor of adhering to high ethical standards on one's own responsibility.
Climate instead of costsWhen they renovated the 2nd floor of Tamedia's headquarters two months ago
the 100-strong 20-minute crew was greeted by blue and white banners. The Annabelle editorial team's banner read "Women can and want to work longer than 20 minutes". Such a collegial wink was part of a welcome that the newcomers largely found warm.
"Initial fears of paternalism and frictional losses have not been confirmed so far," says Peter Wälty, Deputy Editor-in-Chief, summing up his experiences.
It is not the operating climate, but at most the real climate in the glass house with its poor temperature control that is causing problems. No negative effects are (yet) noticeable on the cost side either. The prices per square meter, which are around three times higher than at Oerlikon, and the new overhead costs will not be felt for 20 minutes until 2006. This was agreed in the takeover contract. (oc)
Common course: The crews of 20 Minuten and Finanz und Wirtschaft will have to get used to Tamedia's culture.
Oliver Classen
Kall advisor at Coninx juniorSchuppli shows understanding for Bohnenblust's decision. After all, outsourcing central services to Tamedia and external companies affects two thirds of the former 25-strong publishing house. Since the beginning of 2005, the publishing house has been managed by Martin Coninx. According to FuW insiders, the son and crown prince of publisher Hans Heinrich Coninx was also not happy about a "solo consultant from Thalwil" who was commissioned by CEO Martin Kall to scrutinize the processes and protagonists at Hallwylerstrasse. "We could have done it better ourselves," Schuppli agrees.
He explains the 55-year-old's willingness to lead the editorial team on an interim basis and to play a constructive role in Bohnenblust's succession with a "sense of journalistic responsibility" and his curiosity as to whether guarantees of independence are actually practiced by the parent company. The aim is to make a new appointment this year. To this end, he is currently working with Uli Rubner,
Tamedia's head of magazines, a list of names. No wonder Schuppli would prefer an internal solution.
Rubner cites three factors to justify the change in FuW's division following the move to the parent company: firstly, the management resources in the newspaper business are heavily absorbed by the expansion of Tages-Anzeiger (keyword "regionalization") and 20 Minuten ("St. Gallen und mehr"); secondly, FuW, which is published on Wednesdays and Saturdays, fits well into the magazine portfolio due to its publication frequency and its specialist magazines; and thirdly, as a former business journalist, she feels a personal affinity with this traditional paper.
Rubner denies strategic considerations with regard to a streamlining of the magazine market in general or a possible merger with the Jean Frey magazine Bilanz in particular. The ex-Jean Frey manager also vehemently denies that she wanted to give her segment more weight and prestige within the Group. "It was Martin Kall who suggested this allocation."
Rubner has hardly any renovation plans for the product itself despite circulation losses (2004 minus 2 percent to currently 37572 copies). "Despite the market weakness, we are in an above-average position in the advertising and reader markets. Our market research shows that the quality of FuW's content is highly appreciated. There is therefore no need for action here. We are only planning a slight modernization of the reader guidance and a few layout adjustments."
The editorial regulations are also to be adapted - those of FuW as well as those of the other Tamedia titles. Since the so-called "Huber scandal" of 1992, when the then editors-in-chief of Bilanz and FuW were found to have engaged in questionable share transactions, the business editorial teams of Tages-Anzeiger, SonntagsZeitung and Facts have been strictly forbidden from writing if they themselves own shares in a company.
FuW, on the other hand, has never officially abandoned Gerhart Isler's credo, expressed in a TV discussion in 1992, according to which "only those who know the stock market business, i.e. trade shares privately, can report on it competently". According to Rubner, a guideline is to be drawn up in the next few weeks that will apply to all Group products. This is likely to represent a compromise between the two extreme positions.
FuW interim head Peter Schupp-li, who sits with Rubner, Kall and Coninx junior in the strategy group responsible for this, advocates "opening up the industry view that is obsessively fixated on share trading" and extending the discussion to car and travel editors as well as journalistic relatives on boards of directors and management boards. In principle, Schuppli is against regulations "pour la galerie" and in favor of adhering to high ethical standards on one's own responsibility.
Climate instead of costsWhen they renovated the 2nd floor of Tamedia's headquarters two months ago
the 100-strong 20-minute crew was greeted by blue and white banners. The Annabelle editorial team's banner read "Women can and want to work longer than 20 minutes". Such a collegial wink was part of a welcome that the newcomers largely found warm.
"Initial fears of paternalism and frictional losses have not been confirmed so far," says Peter Wälty, Deputy Editor-in-Chief, summing up his experiences.
It is not the operating climate, but at most the real climate in the glass house with its poor temperature control that is causing problems. No negative effects are (yet) noticeable on the cost side either. The prices per square meter, which are around three times higher than at Oerlikon, and the new overhead costs will not be felt for 20 minutes until 2006. This was agreed in the takeover contract. (oc)
Common course: The crews of 20 Minuten and Finanz und Wirtschaft will have to get used to Tamedia's culture.
Oliver Classen
