Tuesday, June 22, 2010

Consortium to Acquire Majority Stake in Le Monde?

Le Monde front pageImage via Wikipedia
According to a Reuters story, France's newspaper of record, Le Monde, has enlisted financial advisors to assist it in selling a majority ownership share to stanch losses from declining ad revenues and shrinking circulation.

France's Telecom is joining forces with Spain's Prisa (Promotora de Informaciones SA) and Nouvel Observateur weekly magazine owner Claude Perdriel to submit a bid for a majority stake in the daily newspaper. Reportedly, the consortium has its eye on a 34 percent ownership bid for the paper's online version, Le Monde Interactif.

Another triumverate consisting of Pierre Berge, an Yves St. Laurent Group partner; telecommunications mogul Xavier Niel and Matthieu Nagasse, a Lazard banker, reportedly has submitted a pre-offer to Le Monde. The Reuters account suggests the purchase price could reach 100 million euros ($122.8 million).

The French state has a 28 percent ownership interest in France Telecom.

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