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NewsMine propoganda controls-left Viewing Item | Left wing french paper to sell to rothschild Original Source Link: (May no longer be active) http://www.forbes.com/business/feeds/ap/2004/12/01/ap1685571.htmlhttp://www.forbes.com/business/feeds/ap/2004/12/01/ap1685571.html
Associated Press Paper Staff Agrees to Rothschild Talks 12.01.2004, 02:27 PM
Staff at French newspaper Liberation agreed to enter exclusive talks over the sale of a stake in the left-wing daily to financier Edouard de Rothschild, an employee said Wednesday.
The decision was taken by the board of the staff holding company that owns about one-third of the tabloid, said a Liberation employee who spoke on condition of anonymity.
The employee said they had agreed to open talks with de Rothschild, and are demanding a guarantee that the newspaper's charter on editorial independence be preserved and that the staff holding company retain a blocking minority of voting rights.
The newspaper's founding CEO Serge July and other directors were unavailable for comment.
A green light from the staff holding company would clear the way for management to begin exclusive negotiations with de Rothschild, which could be announced as early as Thursday morning.
Like the rest of France's newspaper industry, Liberation has recently seen its profitability eroded by a steady decline in circulation, and managers have been seeking an investment partner to inject about euro20 million (US$26.59 million) into the paper.
French corporate raider Vincent Bollore has withdrawn from talks with the paper's shareholders, his spokesman said Wednesday, leaving the 46-year-old scion of the Rothschild banking family as sole potential bidder.
The size of the stake de Rothschild would initially take under the deal being discussed with shareholders has not been disclosed, although press reports have suggested it would be about 30 percent.
Under the terms of de Rothschild's proposal, the Liberation employee said, the financier could later increase his stake to 49 percent if the newspaper met key performance targets.
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