Confirmation finally arrived. French luxury goods giant LVMH, led by billionaire Bernard Arnault, authorized a bailout for the newspaper on Friday Parisian /Today in Francein his possession, worth 150 million euros, the press group’s management told AFP. The first estimate of 140 million euros was initially validated in early November.
This recapitalization “meet compliance with our legal obligations” And “thus guaranteeing the stability of our activities, essential for the information mission strictly implemented every day by our editorial staff”management of the Les Echos-Le Parisien group, of which the daily is part, told AFP. Group CEO Pierre Louette and interim general manager Anne-Violette Revel de Lambert clarified that a recapitalization would take place “at the end of November” via Ufipar, a holding company controlled by LVMH, detailed internal messages consulted by AFP.
This operation, which “will make it possible to compensate for past losses and restructure capital” clean, “reflects shareholders’ continued support for Le Parisien”add both leaders. LVMH provided bailout funds to media group Les Echos-Le Parisien in 2018 amounting to 83 million euros, then Parisian /Today in France for 65 million euros in 2022.
Although the daily has been the subject of sale rumors for several months, the recapitalization is eagerly awaited, especially by employees, considering the newspaper’s losses of around 30 million euros in 2024. However “behind us was promised restructuring, hence new efforts”Aymeric Renou, the SNJ (National Union of Journalists) union delegate for the newspaper, told AFP in early November.
France’s third most widely distributed national daily has been under LVMH ownership since 2015 and recently underwent a reorganization plan to speed up the digital transition, with the elimination of nearly 40 positions. That “editorial quality threat”estimates the current number of employees at 390 full-time equivalents, including 349 journalists.
Since September, the daily’s journalists have been concerned about a possible sale plan to conservative billionaire Vincent Bolloré. A two-day strike occurred at the end of September, to oppose a possible sale to the Bolloré group and to demand the hiring of 17 permanent workers to fill the vacancies.
LVMH had asked Pierre Louette on October 15 to present a strategic plan to restore balance to the title, according to a report from a participant in the luxury giant group’s committee meeting. LVMH management has assured that the sale option is not on the agenda, but is also not excluded if there is no consensus regarding the implementation of this loss reduction plan.
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