Le Monde editor wants compromise between journalists, corporate shareholders
By Leah McBride Mensching, Tuesday 22 January 2008 at 23:24 :: Media Ownership :: #1137 :: rss
The editor-in-chief of French newspaper Le Monde, who is running for CEO, told financial daily Les Echos in an interview published Tuesday that he wants to be a “man of an historical compromise” between Le Monde journalists and corporate shareholders.
Eric Fottorino also said recapitalising the loss-making paper in the future needs to happen through several European media groups having a stake in Le Monde, including current shareholders Lagardere and Prisa, of Spain, Reuters reported.
Le Monde staff own a majority stake in the paper, and worry recapitalisation through Lagardere and Prisa would turn them into minority shareholders.
The paper's outside shareholders are scheduled on Friday to vote on Fottorino becoming the new CEO. Because staff own the controlling shares, they have veto power over who becomes editor and CEO.
“If I am elected on Jan. 25, I will propose to set up a commission to assess the issues, the players and the terms of a recapitalisation,” Fottorino said, according to Reuters.
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