This article was originally published on September 10, 2019.
Le Monde is at a crossroads. For the first time in its history, it could be forced to admit a new shareholder in its capital without its journalists being consulted. Our editorial freedom is at stake.
For the past year, it is with extreme concern that we have witnessed the first important change in our group's capital since its acquisition in 2010 by a group of private investors (Pierre Bergé, Xavier Niel and Matthieu Pigasse). In October 2018 we learned that 49% of Matthieu Pigasse's shares were to be sold to the industrialist Daniel Kretinsky. Le Monde's Independence Group, a minority shareholder that includes the association of journalists, the staff, the readers and the founders, was not informed of this operation.
This announcement caused concerns. Subsequently, on October 25th 2018, Matthieu Pigasse and Xavier Niel, the two main shareholders since the death of Pierre Bergé in 2017, agreed in writing to grant the Independence Group a right of approval. Such a clause would allow the Independency Group the right to approve or disapprove of the entry of any new shareholder with controlling rights. They also committed not to carry out any movement of capital until this right of approval had been formalized.
After a year of intense negotiations, this right has still not been signed in. Last summer, our concern increased with the opening of exclusive negotiations by Mr. Pigasse and Mr. Kretinsky to buy the shares of the Spanish group, Prisa, another non-controlling shareholder of Le Monde.
On Tuesday, September 3, the Independence Group therefore requested that Xavier Niel and Matthieu Pigasse fulfill their promise to guarantee our independence and to sign this right of approval before September 17. Xavier Niel did so on September 9.
Moral promises
We, journalists, expect Matthieu Pigasse to do the same. We also ask his new associate, Daniel Kretinsky, to co-sign this agreement. In keeping with the moral promises made by Pierre Bergé to Le Monde during his lifetime, which he never compromised, we also ask Pierre Bergé's heir, Madison Cox, to add his signature.
This right of approval for new controlling shareholders is an essential document to complete and reinforce the fragile mechanism protecting our work. Without this legal safeguard, Le Monde's unique situation in the French press could be threatened: Our capital could be bought by a new shareholder who might trample the checks and balances between the editorial staff and the owners, set up over the past ten years.
This approach is simple: It's about giving legal form to the spirit of the relationship established in 2010, when the newspaper was purchased, with Mr Bergé, Niel and Pigasse, whom we chose by vote.
Since then, there has been no exception to this rule of separation between capital and journalists. This "trio" of shareholders respected its commitments. They provided the means of our development while respecting the editorial independence of the various publications of our group (Le Monde, Télérama, Courrier International, La Vie).
Instead of giving into the temptation of poor quality news and cutting staff numbers, the editorial staff of Le Monde has neither lost soul nor substance. The news has never been considered a mere product or source of profit. Over the past 10 years, the number of journalists has risen to 450 people.
When we lost economic control of our business in 2010, we journalists did not abandon our culture of independence, forged over 75 years of a very eventful history. We did not surrender our capacity to collectively defend our principles and values. We have retained full control of our texts and images. This freedom, protected from any form of intervention or influence, has enabled us to publish stories and investigations which challenged political and economic powers in France and abroad.
Our most valuable asset
This is our most valuable asset. Any substantial change in our capital that is not approved by staff would jeopardize the relationship built over the past 10 years with our shareholders. It would cast a shadow over the value of journalism at Le Monde and would deteriorate our readers' trust.
In contrast, the granting of a right of approval for new controlling shareholders would strengthen our independence. Now that Xavier Niel has proved his commitment, we expect Matthieu Pigasse and Daniel Kretinsky to do the same.
This is an opportunity for Mr Kretinsky to match words with deeds and to demonstrate his "desire to support traditional journalism" and "uphold democracy," as he stated in Paris on September 5.
The signature of the right of approval is a prerequisite for the opening of discussions to discover the real intentions of Mr Kretinsky. It would also be a first indication that the industrialist understands the specific identity of the group.
We, Le Monde journalists, are determined to defend our independence and thus preserve our relationship of trust with our readers.