Fiat Chrysler has officially merged its publishing operations with Italian holding company CIR Group as CEO Sergio Marchionne looks to focus his company’s resources solely on selling and manufacturing’s cars.
In March Reuters reported FCA was to fold its 77 percent majority stake in Itedi, which publishes Italian dailies La Stampa and Il Secolo XIX, into CIR Group – the main investor behind Italian publishing group L’Espresso. Now, FCA, CIR and L’Espresso have all signed a framework agreement to put the merger into action.
CIR will own 43.4 percent of the newly created publishing group, while a company called Ital Press will acquire a 4.37 percent stake. FCA will initially own 14.6 percent stake in the publishing group, which will then be distributed to its shareholders. The Agenlli family’s Exor investment group will also take on a 4.37 percent stake in the new group.
“CIR will remain the controlling shareholder of a larger and stronger group with significant profitability that will be ever more authoritative in terms of governance, content and the titles it owns,” CIR chairman Rodolfo De Benedetti said in March.
FCA also said it would distribute its 16.7 percent share in RCS MediaGroup, which owns influential Italian paper orriere della Sera, to its own shareholders. Exor will then, in turn, distribute the RCS shares received from FCA to its own shareholders.
Flickr Creative Commons photo via Nicolas Nova