The exchange of allowances between the publishing group L’Espresso , which owns The Republic , and Itedi , the publisher of the print and de Il Secolo XIX , will lead to a new aggregate that will control 20% of the Italian market of the press , with a leadership position in the market digital. In addition, the limited partnership Giovanni Agnelli & amp; co., the largest shareholder of the Corriere della Sera , has notified their intention to sell the shares it holds in that journal.
The double operation announced, leading to a new competitive landscape in the newspaper industry, a change that can not fail to link the operation-Mondadori and Rizzoli Books new course Rai by the Renzi government, curated by a new management team that will rely on the recovery of evaded license fee. The consequences of the merger are attractive to an economic analyst. Birth of a coherent national champion with the greater focus of the L’Espresso .
As a result of a well thought-control structure: Mario Calabresi , the director of Republic (whose arrival from the same the print suggests that the move was to study for some time), Monica Mondardini, AD de L’Espresso , the president Rodolfo de Benedetti, appear able to integrate the two regional quality tested, which probably have little distracted attention from a now owned by many other adventures. In the face of strategic uncertainty and brawls that have characterized the last few years, relations between the similar roles of RCS-Courier.
The most important entrepreneurship in the country, who handled the fate of our most influential newspaper, It does not seem to have given good account of himself with outrageous mistakes in the past, such as the purchase of the Recoletos group in Spain, and then the lackluster sale of the historic building in Via Solferino in Milan, to rectify the financial situation. As well as the sale of RCS block Books at Mondadori, currently under the Antitrust lens, it does not seem to be decisive for the fate of the Courier . A situation that has also led to the forced exit of Ferruccio de Bortoli , a director appreciated for the ‘authority and the professional independence.
On the other hand the operation appears a defense strategy . L’Espresso needs more size to reduce costs, since the results of 2015, despite the profit to double to 17 million over the previous year, showed a decline in revenues of 6.4% in a market that continues to fall 8.7%. The financial transaction moves forward only the real problem to be solved, that of the industrial strategy: Internet, digitization, the economic crisis , new cultural models, have upset the newspaper industry more than the Book where the crisis seems to have stopped. What will be the economic and industrial model of the publishing group is unclear.
One could conclude that is not news destined to shake the sleep of Italian (as would have been if he had Treaty on the transfer of Juventus!) but only to worry the journalists, especially those of the involved warheads. A witness to the modest echoes in the press and on television. In my view, however, two considerations are important for the general public. The first lights the final retreat of the Agnelli family of Italy . The sale of the Corriere della Sera is the final sign of the lack of interest that now has the country, particularly Sergio Marchionne, the real strategist and decision maker of the Group moves.
‘behavior of our samples such as Ferrero or International Game Technology plc (yesterday Lottomatica), while others, unfortunately, are sold or are about to pass into foreign hands. It seems that our is no longer a country for large enterprise . Second, it is the confirmation of the end of the “living room”. Just a few years ago, some gentlemen, strictly males and elderly, gathered around Mediobanca, the major banks, Generali, with various lay mutual cloths strategies. Now that the Kennel, the Ligresti, the Geronzi have left the scene, and Giovanni Bazoli concludes his long tenure in Intesa Sanpaolo, the country has the opportunity to define more transparent paths of “rescue” companies in crisis from Montepaschi and Ilva and, we hope, of projects for innovation and growth, starting from waiting broadband.
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