Media News - Tuesday, June 26, 2007
France without finance dailies as competitors strike
For the first time ever, France was without either of its two financial daily newspapers Monday as staff at Les Echos and La Tribune staged strikes over the acquisitions strategy of billionaire Bernard Arnault. Arnault's luxury goods house LVMH is in negotiations to buy Les Echos from the media conglomerate Pearson, which also owns the Financial Times. At the same time LVMH is reported to be trying to sell La Tribune, which it has owned since 1993. Staff at Les Echos oppose the purchase because they fear for their journalistic independence if Arnault - a friend of President Nicolas Sarkozy and a major player in the French business world - is their proprietor. Staff at La Tribune staged a separate strike after rumours circulated that Arnault planned to sell off the paper if he acquired Les Echos. (AFP via France 24)
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