“The operations that the Penguin-Random House has done not only in the Anglo-Saxon world but all over Europe can let think that the sunset entrepreneurial Berlusconi will lead from here to some time to transfer New Mondadori publishing group RCS-books to a global corporation. And better yet a global entrepreneur, independent of politics, a publishing house employee by the head of the government or the opposition. “
Massimo Mucchetti, not fer senator of the Democratic Party, a former journalist for the BBC, talks about the Mondadori case-RCS in a break of classroom work on constitutional reform. He, like the minister Dario Franceschini, he expressed “doubts” about the birth of the new publishing giant, but, he stressed, the government “has no powers” to act outside of the limitations that may impose the Antitrust. This is the global economy, the world in which even Fiat-Fca seems to be more interested in the share of “participation in the Economist” that in the Italian, reasons Mucchetti.
Senator, what do you think of this acquisition?
Certainly the editorial concentration that is determined by the acquisition of RCS Books by Mondadori is to undergo being considered by the Antitrust Authority, both in terms of overall market share both in terms of the various market segments in which the combined entity will operate. I think for example publishing for boys, where he will have a very high market share.
They talk about the 40 percent of the Italian publishing market and increasing its share from 13 to 25 per cent in ‘scholarly publishing.
numbers will give the Antitrust Authority. Certainly it reduces competition, for example in relation to the distribution. A publishing house that size is capable of compressing margins recognized libraries and this can lead to difficulties sometimes insurmountable for libraries smaller size and builds a privileged position, tell the Antitrust Authority as acceptable, compared to smaller publishers.
E ‘for this reason that many writers criticize the acquisition of RCS by Mondadori. It shares their setting?
The new group will have greater negotiating power against the authors of small or medium celebrities. The authors of real bestseller, however, will continue to have the handle of the knife. Camilleri has no need of a huge publishing house to sell what sells. The Sellerio is fine. They are the great authors that make the fortune of a publishing house. Pasternak was to launch Feltrinelli. And ‘certain, however, that the concentration of editorial expertise and market power will allow the new group a presence on world markets rights stronger than that of rivals.
Mondadori Berlusconi. He sees a risk of restriction of freedom in the publishing market?
Mondadori and ‘above all a company with its roots and culture. Gianarturo Ferrari ‘was Gianarturo Ferrari and not a servant of His Broadcasting. On the other hand, the Berlusconi of 2015 is not the same of 10-20 years ago. Then, Berlusconi had a great future in business as in politics: after being on the brink of crisis in 92-94, in ’96 had already passed by a severe debt to a position of great liquidity; the risk of political isolation after the fall of the five-party control room of Palazzo Chigi. Today the Fininvest group has been weakened by the market and its shareholder is witnessing the crumbling of Forza Italy. Mediaset has no more room for a time and, above all, does not show an idea of winning the future, as the rest of Rai. Mondadori this operation which I understand the industry profile, namely the operational cost savings, while less clear I think the editorial design, given the overlap of some brands like Einaudi and Bompiani, Rizzoli and Mondadori and given the competition of Adelphi and the publisher of Corser who remain outside the operation and since the authors dissent today can go to other smaller publishing houses or not really small. Houses as Feltrinelli, Longanesi, Giunti, Piemme, Sellerio, I quote in bulk, they can even get a benefit in. In short, the conflict of interest of Berlusconi remains but the political decline of man, now fast, in fact it weakens.
Yes, but this new publishing giant will continue to publish books’ counter ‘, books critical of the power?
Hardly the new group will ever have the figure of Chiarelettere, but I do not think that it would publish books like’ Caste ‘, so to speak.
And his ‘Lay off the masters?’?
After that book, I was asked to go to Segrate Mondadori. And later I was asked to interview without network banker Cesare Geronzi. I was to stay with Feltrinelli. On the other hand, the latest books more body of Toni Negri, ‘Empire’ and ‘City’, published them Rizzoli.
Given the questions that this acquisition raises and given also the doubts of the Minister for Cultural Heritage, Dario Franceschini, the government could have done more?
Less Government He puts his nose in business publishing and better. Books and newspapers are goods that have to do with freedom. It limits the government, to create the economic and legal context in which the publishers of books and newspapers, but also radio and TV or online activities can compete sustainably over time. Berlusconi worries me more than the possible extension of Amazon in content production or Google in advertising and in aggregating content of others, bypassing royalties and taxes in order to gain and most certainly not in homage to the open society.
So nobody has to do anything in this case?
No. The Competition Authority may intervene dictating remedies which could consist in the possible sale of that part of the activity that goes beyond the threshold of acceptable concentration. Franceschini is right to express doubts but no interventionist improper that, the rest does not seem to belong to him.
In March, when Franceschini raised the first question, the minister also spoke of the risk that the new giant publishing may end up in foreign hands. It ‘all right?
It’ a reasonable doubt. Transactions the Penguin-Random House has done not only in the Anglo-Saxon world but all over Europe can let think that the sunset entrepreneurial Berlusconi will lead from here to some time the sale of the new publishing group to global corporations. Yet a better entrepreneur than a global publisher dependent head of the government or the opposition.
What does the RCS in this story?
RCS MediaGroup sells because it has too many debts arising not only from bad investments as it was, the dramatic, the Spanish adventure in Recoletos, but also from a management often bureaucratic, insensitive editorial. Cut the umbilical cord between the BBC and Rcs books is a choice that certifies plastically the failure of a ruling class. I mean the shareholders of reference and the management has expressed this after forcing the resignation as he was a champion Vittorio Colao. RCS has burned the capital increases despite the Courier continued to give a good account of himself ‘, certainly to a lesser extent in the past as all other newspapers. The shareholder base has proven contentious and wavering.
But Fiat has as main shareholder.
Elkann appears drawn to prestigious international positions, and relatively quiet since the return of capital, such as participation in the Economist, more than the risks involved in publishing activities directed in Italy, however, is not adequate compared to the profile of a global automaker as Fca. In the British weekly, it must be said, Elkann has successfully invested the money holding Exor and not those of Fca … Moreover, a few days ago, I am told that Fca is considering whether and under what conditions the yield Itedi, the Italian editions that publishes the Stampa of Turin and the Secolo XIX in Genoa.
Really? He will do it? Find buyers? A
account are the projects, an account is their realization. Of course, the Press is a newspaper that has a little ‘lost his way that independence from governments that had in the days of Giulio Anselmi, but remains a good head for a chain of regional newspapers. Yet the Century is. But much depends on the price.
With this logic, FCA should also go out to RCS Mediagorup? On RCS
not know anything, the location is not so direct, but if you were to go to a new capital increase, for FCA it would be difficult to justify any more money into a business that has nothing to do with the Automotive. On the other hand, if John Elkann was still very important to the courier, perhaps you should strive to convince the other members to adopt the rules of governance that has found and respected in the Economist.
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