New control for Le Monde
Le Monde, the long-established newspaper that has fallen into serious financial difficulties, will in the future be controlled by investors associated with the left-wing cultural patron Pierre Bergé. The rescue plan is thus finalized.
In future, the company Le Monde Libre, founded by Pierre Bergé, Xavier Niel and Matthieu Pigasse, will hold around 60% of the shares in the group. The trio is investing an estimated 110 million euros. The Annual General Meeting approved the planned capital increase, the newspaper announced on Tuesday evening.
The entry of the investors means a drastic change for the journalists. Until now, they have exercised power in the company via the editorial company SRM and its partners. With the entry of Bergé and his partners, the journalists' share of capital will now be diluted. For the first time, the editorial team will lose control of the newspaper. However, Bergé, who is joining forces with the banker Pigasse and the founder of the internet provider Free, Niel, wants to guarantee the editors their freedom.
The Group had to borrow 25 million euros last year. It had already borrowed almost 70 million euros in 2005.
The entry of the investors means a drastic change for the journalists. Until now, they have exercised power in the company via the editorial company SRM and its partners. With the entry of Bergé and his partners, the journalists' share of capital will now be diluted. For the first time, the editorial team will lose control of the newspaper. However, Bergé, who is joining forces with the banker Pigasse and the founder of the internet provider Free, Niel, wants to guarantee the editors their freedom.
The Group had to borrow 25 million euros last year. It had already borrowed almost 70 million euros in 2005.
