Publishing: born super pole Espresso-Itedi, comes Fca – ANSA.it

MILAN, MARCH 2 – Birth of a new super Italian publishing pole with the merger between the Republic group, Espresso, and Itedi, the subsidiary of Fiat with the Press and the nineteenth century, also owned by the family Perrone . A publishing group with historic titles, which by 2015 data has 5.8 million readers, 2.5 million daily unique users on news sites, and revenues of 750 million. Fca in the operation will come from publishing to focus on self, yielding to its shareholders and the shares in RCS, currently equal to 16.7%, and both those Espresso received thanks to the merger. Cir will drop from 54% in the express now owned 43% of the new group. The shareholder Fca, Exor will in turn 5% of the new group and intends to establish an agreement with the holding company of the De Benedetti family. The reorganization thus also expresses all new alliance among families with publishing in the blood, and now in their second generation.

And just this second generation has been directed to the operation, which involved directly John Elkann and Rodolfo De Benedetti, joined by Monica Mondardini. Rather than to RCS, the holding company of the Agnelli wants to dispose of the share that will receive the distribution to shareholders of the holding in the hands of Fca, it is expected to be in the order of 5%, and has already announced plans to divest “in line with market practices “. It means that it will not seek a single shareholder buyer but selling arrangements, yet to be determined but should be such as to disturb the stock performance for volumes and prices. Compared to the commitment in the group of Corriere della Sera Fca it has also reported that the operation was accomplished with the role played in RCS “a sense of responsibility in the course of over four decades, which has saved the publishing group in three several occasions, “ensuring the Rizzoli the financial resources necessary to ensure their independence and preserve its authority. The Perrone family, that after the union of La Stampa and Il Secolo XIX is 23% of Itedi – Fca has 77% – will have 5% of the new Espresso with a commitment that, has announced the breadwinner Carlo Perrone, It will be “long-term”.

The entire reorganization will have to be approved by June end with the signing of the definitive agreement, which also will set the exchange, and the completion of the merger is rather expected in the first quarter of 2017. The company will remain listed on the Italian Stock Exchange and already it was clear that it wants to maintain the “complete independence” of each newspaper involved. The merger, explained Espresso and Itedi, presents a significant industrial value, aiming to integrate two groups with complementary activities, creating increasing economies of scale.

Thanks to a full range of multimedia and information services on paper and digital, they explained, they will have the capital strength and size to meet the challenges of the sector, by promoting innovative and original projects for a multiplicity of platforms. E ‘ “looking to the future that today we announce this new publishing group”, a “compelling business project in the media and an act of confidence in the newspapers,” said John Elkann, signaling that will have the mission to “lead and if You can anticipate changes that will continue to emerge at a relentless pace in our industry. ” The “operation demonstrates the commitment of long-term Cir, its management, my family and myself in the Espresso Group’s development,” said the president of CIR Rodolfo De Benedetti, also reporting to have “confidence in the prospects of the Group “. With the Press and the Secolo XIX L’Espresso “will strengthen further, reaffirming its leadership in the Italian daily press,” she reported the CEO Monica Cir Mondardini, anticipating “the necessary process of aggregation of the Italian publishing industry.” “The mission of this house has always been the publishing industry, in the service of a civil growth of the country. With this commitment is reconfirmed and increased,” said the president of the Espresso Carlo De Benedetti.