Loss-making Italian daily sells Milan HQ
AFP - [email protected] •
6 Nov, 2013
Updated Wed 6 Nov 2013 11:41 CEST
Italy's influential Corriere della Sera daily announced Wednesday it is selling its historic headquarters in Milan to US fund Blackstone for €120 million.
The decision, hotly opposed by the editorial board, was taken late Tuesday at the end of a board meeting at RCS Mediagroup, the daily's publisher.
The sale was "part of the 2013-2015 development plan," said the loss-making group, which underwent a recent capital increase following a drop in revenues due to weak advertising and circulation sales in recession-hit Italy.
Corriere employees had argued that the sale risked compromising the editorial freedom of the daily, which is considered a valuable asset in a country where much of the media is run by billionaire magnate Silvio Berlusconi or family-owned conglomerates.
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The decision, hotly opposed by the editorial board, was taken late Tuesday at the end of a board meeting at RCS Mediagroup, the daily's publisher.
The sale was "part of the 2013-2015 development plan," said the loss-making group, which underwent a recent capital increase following a drop in revenues due to weak advertising and circulation sales in recession-hit Italy.
Corriere employees had argued that the sale risked compromising the editorial freedom of the daily, which is considered a valuable asset in a country where much of the media is run by billionaire magnate Silvio Berlusconi or family-owned conglomerates.
Don't miss a story about Italy - Join us on Facebook and Twitter.
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