JOURNALISTS SEEK TO STOP TAKEOVER OF FRENCH NEWSPAPER LE MONDE
January 19th 2008 02:45
Bloomberg reports that journalists at the French daily newspaper Le Monde are seeking to block Lagardere and the largest Spanish media group from taking control of the last independent French national newspaper by backing their own candidate for chief executive.
Supervisory board members rejected a bid from Eric Fottorino, Le Monde's editor-in-chief, to lead the unprofitable French media group, Le Monde said in its edition on Wednesday.
The journalist group SRM, the newspaper's largest shareholder, has asked the board to reconsider, according to Le Monde.
The SRM said Lagardere is unfit to control Le Monde as Arnaud Lagardere, chief executive officer of the largest French media group, is close to President Nicolas Sarkozy.
The SRM has the power to veto key decisions at Le Monde.
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