Millionaire moves to save French daily Libération

The major shareholder in the French daily Libération has presented a reorganisation plan to rescue it from bankruptcy. Millionaire banker Edouard de Rothschild’s plan has succeeded in attracting new investors to the celebrated newspaper. They include the Italian media magnate Carlo Caracciolo, who will take a large stake, and the French philosopher and writer Bernhard-Henri Levy among smaller investors. Libération has a circulation of about 140,000 copies and was set up in 1973 by a group of Maoists including the philosopher Jean-Paul Sartre. A total of 15 million euros will be injected into the ailing paper, which looks set to make a loss of some 13 million euros in 2006. The reorganisation involves the loss of a quarter of the 276 jobs at Libération but it is hoped the cutbacks will enable the paper to break even in 2007. (Radio Netherlands,January 08, 2007)

Today’s French Frontpages

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