Solothurn confusion
Investments The tug-of-war over Vogt-Schild is nearly over: Peter Wanner is the winner. He would have been better off waiting a bit longer before celebrating, though.
Participations The tug-of-war over Vogt-Schild is almost over: Peter Wanner is the winner. What was announced on May 11 in the Solothurner Zeitung and its partner papers Aargauer Zeitung (AZ), Oltner Tagblatt (OT) and Zofinger Tagblatt (ZT) came as a surprise to SZ publisher Fritz M. Schuhmacher. "The four partners have agreed to continue the Mittelland Zeitung in the long term," it read. "I was astonished to read this sentence, as nothing has yet been decided regarding the extension of the MZ association. Talks are ongoing," Schuhmacher stated in response to an inquiry from Werbewoche, which raises a question: How did this sentence get into the joint communiqué of the MZ partners without Schuhmacher's knowledge? Inquiries quickly reveal that CEO Christian Müller approved the wording on the part of Vogt-Schild (VS/H). "At my level, I think MZ is a successful product. I don't have to have anything else," he says. He agrees with the partner CEOs on this. But he also knows that the MZ contract was signed at Board of Directors level at the time. CEOs don't have to pretalk here.
The fact that VS/H CEO and VS/H Chairman of the Board of Directors do not coordinate their communications is strange. But it is even more strange that Peter Wanner, Vice Chairman of the Board of Directors of AZ-Medien and figurehead of MZ, also agreed to the announcement, although he must have been aware that his publisher colleague Schuhmacher wanted - or needed - to wait and see. What's more, Wanner's statement that he wants to participate in VS/H effectively portrays Schuhmacher as a hesitant.
Even if Wanner only expressed an intention to participate, he would never make such a statement if he was not sure of his intentions. Wanner did not want to comment on this to Werbewoche. He had already leaned too far out of the window and had heard haggard comments from the MZ partners and PubliGroupe. This all points to one thing: Wanner knows more than Schuhmacher.
The latter is only surprising at first glance. However, if one considers Schuhmacher's delicate situation, his ignorance becomes quite understandable: Schuhmacher is not only SZ publisher, but also Vice Chairman of the Board of PubliGroupe, which holds a 35 percent stake in VS/H. It is because of this dual role at VS/H that Schuhmacher is being targeted by the Competition Commission. Because of this dual role at VS/H, Schuhmacher is known to be in the sights of the Competition Commission. No wonder, then, that the lawyer is anxious to behave extremely correctly in his delicate mission. For this reason, he emphasizes, he "demonstrably takes a stand at PubliGroupe Board meetings when VH/S is on the agenda."
If this is the case - and there can be no doubt about it - then Schuhmacher is currently unaware of how PubliGroupe's negotiations with AZM and Espace Media have been going. However, Wanner's statement, the preemptive MZ communiqué and the reaction from Bern (see box) indicate that Wanner has almost reached an agreement with PubliGroupe. It remains unclear exactly how.
The main open question is what the cross-involvements offered by Wanner will ultimately look like. One thing is certain so far: AZ Medien has a 5 percent stake in the OT publisher Dietschi AG and a 5 percent stake in Zofinger Tagblatt AG. There is no more, as both publishing houses have a corresponding transfer restriction clause in their articles of association. However, both are also interested in acquiring a stake in AZM, and it is likely that they will also intertwine with each other - again up to a maximum of 5 percent.
This is confirmed by the editors Arthur Tabeling (OT) and Hans Gresch (ZT). That leaves the cross-shareholding with the fourth in the alliance, SZ. This is where it gets tricky: How much of its stake will PubliGroupe sell? All of it - or just 15 percent, i.e. five percent each to the three MZ partners? And what does it get in return? Shares in AZM as well as OT and ZT? The AZ management? Or the possibility of contributing the entire package to the NZZ subsidiary Freie Presse Holding (FPH) in order to strengthen the young partnership with NZZ?
Wanner does not wish to comment on this. Arthur Tabeling, on the other hand, ventures: "We have no interest in giving PubliGroupe any more shares beyond the few friendship shares it already holds with us. In addition, it already holds 100 percent of Stadtanzeiger Olten. That's enough for this area." And on the speculation that PubliGroupe might want to integrate MZ into FPH, he says firmly: "PubliGroupe will take MZ forward and nowhere else." Hans Gresch takes a similar line: "The investments of over CHF 20 million in our new building and the new newspaper press show how much the ZT wants to remain independent."
Nothing new for the Solothurner TagblattWhat does the rejection from Solothurn mean for the Espace Media Groupe? And how is it reacting? Does Bern see any scope for turning the tide after all? And what will happen to the Solothurner Tagblatt, which continues to print its obituaries free of charge? Werbewoche sent these questions to Bern.
The answer came immediately from Albert P. Stäheli, Delegate of the Board of Directors of Espace Media. He wrote: "Even if the Solothurner Zeitung and VS/H are now seeking the support of AZ to overcome their economic difficulties, this is nothing new for the Solothurner Tagblatt. Its development - we are already expecting a figure of around 5000 copies (!) at the next circulation certification - shows that there is a real need for this editorially well-made newspaper. It is obviously an enrichment for the people of Solothurn to have the choice of two newspapers every day. The recently introduced public transport fare network brings Solothurn and Berne even closer together. And it doesn't look like this trend will change in the foreseeable future." (mk)
Markus Knöpfli
The fact that VS/H CEO and VS/H Chairman of the Board of Directors do not coordinate their communications is strange. But it is even more strange that Peter Wanner, Vice Chairman of the Board of Directors of AZ-Medien and figurehead of MZ, also agreed to the announcement, although he must have been aware that his publisher colleague Schuhmacher wanted - or needed - to wait and see. What's more, Wanner's statement that he wants to participate in VS/H effectively portrays Schuhmacher as a hesitant.
Even if Wanner only expressed an intention to participate, he would never make such a statement if he was not sure of his intentions. Wanner did not want to comment on this to Werbewoche. He had already leaned too far out of the window and had heard haggard comments from the MZ partners and PubliGroupe. This all points to one thing: Wanner knows more than Schuhmacher.
The latter is only surprising at first glance. However, if one considers Schuhmacher's delicate situation, his ignorance becomes quite understandable: Schuhmacher is not only SZ publisher, but also Vice Chairman of the Board of PubliGroupe, which holds a 35 percent stake in VS/H. It is because of this dual role at VS/H that Schuhmacher is being targeted by the Competition Commission. Because of this dual role at VS/H, Schuhmacher is known to be in the sights of the Competition Commission. No wonder, then, that the lawyer is anxious to behave extremely correctly in his delicate mission. For this reason, he emphasizes, he "demonstrably takes a stand at PubliGroupe Board meetings when VH/S is on the agenda."
If this is the case - and there can be no doubt about it - then Schuhmacher is currently unaware of how PubliGroupe's negotiations with AZM and Espace Media have been going. However, Wanner's statement, the preemptive MZ communiqué and the reaction from Bern (see box) indicate that Wanner has almost reached an agreement with PubliGroupe. It remains unclear exactly how.
The main open question is what the cross-involvements offered by Wanner will ultimately look like. One thing is certain so far: AZ Medien has a 5 percent stake in the OT publisher Dietschi AG and a 5 percent stake in Zofinger Tagblatt AG. There is no more, as both publishing houses have a corresponding transfer restriction clause in their articles of association. However, both are also interested in acquiring a stake in AZM, and it is likely that they will also intertwine with each other - again up to a maximum of 5 percent.
This is confirmed by the editors Arthur Tabeling (OT) and Hans Gresch (ZT). That leaves the cross-shareholding with the fourth in the alliance, SZ. This is where it gets tricky: How much of its stake will PubliGroupe sell? All of it - or just 15 percent, i.e. five percent each to the three MZ partners? And what does it get in return? Shares in AZM as well as OT and ZT? The AZ management? Or the possibility of contributing the entire package to the NZZ subsidiary Freie Presse Holding (FPH) in order to strengthen the young partnership with NZZ?
Wanner does not wish to comment on this. Arthur Tabeling, on the other hand, ventures: "We have no interest in giving PubliGroupe any more shares beyond the few friendship shares it already holds with us. In addition, it already holds 100 percent of Stadtanzeiger Olten. That's enough for this area." And on the speculation that PubliGroupe might want to integrate MZ into FPH, he says firmly: "PubliGroupe will take MZ forward and nowhere else." Hans Gresch takes a similar line: "The investments of over CHF 20 million in our new building and the new newspaper press show how much the ZT wants to remain independent."
Nothing new for the Solothurner TagblattWhat does the rejection from Solothurn mean for the Espace Media Groupe? And how is it reacting? Does Bern see any scope for turning the tide after all? And what will happen to the Solothurner Tagblatt, which continues to print its obituaries free of charge? Werbewoche sent these questions to Bern.
The answer came immediately from Albert P. Stäheli, Delegate of the Board of Directors of Espace Media. He wrote: "Even if the Solothurner Zeitung and VS/H are now seeking the support of AZ to overcome their economic difficulties, this is nothing new for the Solothurner Tagblatt. Its development - we are already expecting a figure of around 5000 copies (!) at the next circulation certification - shows that there is a real need for this editorially well-made newspaper. It is obviously an enrichment for the people of Solothurn to have the choice of two newspapers every day. The recently introduced public transport fare network brings Solothurn and Berne even closer together. And it doesn't look like this trend will change in the foreseeable future." (mk)
Markus Knöpfli
