NJJ Presse, the holding company of French billionaire Xavier Niel, announced in a press release on Saturday September 23, that it had bought Daniel Kretinsky's shares in Le Monde Group. "All of the shares held since 2019 by Mr Daniel Kretinsky's company in Le Nouveau Monde has been acquired by NJJ Presse (...) with the irrevocable undertaking by NJJ Presse to transfer these shares, together with the shares already held directly, to the Press Independence Fund," reads the press release.
Daniel Kretinsky, who has stepped up his investments in major media in recent years, says he will "continue to support French publications and guarantee their independence as a shareholder" in Elle, Marianne, or the magazine Franc-Tireur, for example, "or as a lender" for the daily Libération. The Financial Times had reported shortly before that an agreement was close on a buyout of the Czech energy tycoon's shares, a deal worth around 50 million euros.
"This agreement seals Daniel Kretinsky's exit from our group's capital. Xavier Niel will transfer these shares, along with those he already holds, to the Fonds pour l'indépendance de la presse, an endowment fund which will thus become the leading shareholder" of Le Monde Group, said Louis Dreyfus, Chief Executive Officer of Le Monde group and Jérôme Fenoglio, editorial Director of Le Monde, in a message to employees on Saturday.
NJJ Presse points out that, following these moves, "the first two shareholders of Société Éditrice du Monde will be the Fonds pour l'indépendance de la presse, whose articles of association stipulate that shares in Société Éditrice du Monde cannot be transferred, and the Pôle d'Indépendance (Independence Pole), which groups together the journalists association, staff and readers of Le Monde".
The Pôle d'indépendance du Groupe Le Monde, which brings together journalists' and staff associations, welcomed in a press release "Xavier Niel's purchase of the shares indirectly held by Daniel Kretinsky with a view of transferring them to the Fonds pour l'indépendance de la presse, which will be set up in 2021". "As required by our bylaws, the Pôle unanimously approves the stake purchase and transfer [to the foundation], which will lead to the departure of a shareholder who never sought the approval of our group," it added.
Xavier Niel's holding company adds that Le Nouveau Monde remains a limited partnership controlled by Matthieu Pigasse. The investment banker, a member of the trio of businessmen, including Xavier Niel, who invested in the newspaper the previous decade, "will ensure the transfer of his shares in Le Nouveau Monde to the Endowment Fund," NJJ adds.
Translation of an original article published in French on lemonde.fr; the publisher may only be liable for the French version.