New owners for french financial press

The French financial daily 'Les Echos' was taken over on November 5th by the luxury giant LVMH. The group already owns the economic daily 'La Tribune' which is due to be sold in turn. Newsrooms are protesting and Les Echos has not been on sale for the past two days. For Dominique Quinio, "The vulnerability of the press in France, especially the daily press, illustrated by this takeover, is not only bad news for 'Echos' journalists. It is adding to doubts about the independence of the press regarding political and economic power ... . Bernard Arnault, managing director of LVMH, has promised to leave 'Les Echos' its independence. It is clearly in the interest of LVMH for the daily to maintain its editorial quality, its credibility. It is also in the interests of the financial world and society at large. The quality and credibility of the media are priceless."

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