The Italian media map, but also the political one, is experiencing an earthquake with the possible sale of two historic newspapers, The Republic And La Stampasecond and third bestseller in the country after Corriere della Seraand which are currently the two main progressive newspapers in opposition to the far-right Giorgia Meloni government. The Republic and other media from the GEDI group, such as the Italian edition of Huffington Post and three radio stations (M20, Deejay and Capital), could end up in the hands of the Antenna group, headed by the Greek businessman Theodore Kyriakou, conservative and close to Donald Trump, and partner in Greece of the Saudi prince Mohamed Bin Salmán, who, with his PIF fund, holds 30% of Antenna Grece BV.
The tycoon, on the other hand, said he was not interested in La Stampawhich would be sold elsewhere, before or after the transaction, without knowing to whom. The two newspapers are the best-known newspapers of the GEDI group, owned by the Agnelli family, historic owner of FIAT, through the company Exor (which also holds 43% from The Economist), and chaired by John Elkann Agnelli. In total, it has 1,300 employees who now fear a reduction in staff numbers and a change in editorial line.
Kyriakou, until now unknown in Italy, was one of the guests at the exclusive state dinner hosted by Trump in Qatar last May. In Washington, he is a member of the think tank Atlantic Council, which organized an event last September in which the Italian Prime Minister, Giorgia Meloni, participated by videoconference.
The possibility of a change of line in the two newspapers, very critical of Trump and also of Russia, even led the Russian embassy in Italy to intervene this Monday, which welcomed the sale and hopes that with the new owners they will stop being “mouthpieces for unbridled anti-Russian propaganda”.
The unlisted Antenna group said in a statement that the group “has always demonstrated respect for journalistic independence and pluralism”, but fears of a profound transformation of the Italian media landscape are evident. The earthquake is also sentimental, both for the progressive Italian world, and in particular for Turin, the Piedmont region and the entire northwest of the country, since La Stampa It has been a symbol of its identity for over 150 years.
However, in recent years it was clear that GEDI, which bought the group in 2019, was dismantling it little by little and was unable to mitigate its losses. Between cuts and continuous lurches in the editorial line The Republic which caused it to lose readers, the sale of the weekly was particularly traumatic The Expressoanother symbol of the group. GEDI Digital, the audiovisual space of newspaper portals, was also very important. The Republic currently has three million unique users on the Web and La Stampa1.1, while in the paper edition they are around 50,000 copies.
After months of rumors, Elkann confirmed to workers on Wednesday that he had signed an exclusive pre-agreement for a 140 million euro sale with Kyriakou. This 51-year-old businessman, from a family of shipowners and with naval and real estate interests, is present with his Antenna group in the media in Greece, Cyprus, Turkey, several Eastern countries, Australia and the United States, particularly in the audiovisual sector. In total, it has 37 channels. Furthermore, if the sale is concluded, La Repubblica and La Stampa These would be his first journals. Hence the suspicion that in reality their interest is in the three radio stations of the group, the only companies to make a profit, as a first step to then try to enter the Italian television sector. Some information indicates that the landing in Italy also suggests the takeover of Sky Italia, in the red of 258 million euros in 2024.
Workers demand job guarantee
For the moment, negotiations on the company have been extended by two months, until the end of January, mainly so as not to announce the sale before January 18, the date on which The Republic is celebrating its 50th birthday and a birthday celebration is planned that is about to become a funeral. The newspaper, based in Rome and founded by Eugenio Scalfari, is an institution of Italian journalism and a reference for the left. During the years of Silvio Berlusconi, it became the main means of opposition and denunciation of scandals. It was then also La Stampawho, although belonging to an industrial family, has always stood out for the defense of social rights and reflects a liberal culture.
The main demand of the workers at the moment is that the GEDI group demands from the buyer the so-called social safeguard clause, which in Italian legislation allows a series of guarantees for labor to be included in the sale. In this case, it would be a question of maintaining the number of employees, the editorial line and the commitment not to resell the media in the short term.
“This is a series of guarantees that worries us a lot, especially because the seller, John Elkann, has not been worried about it until now. In the meetings we had with the company, they told us that it was something that we would have to negotiate later with the buyer,” explains Alessandra Ziniti, member of the editorial board of The Republic. “But we will do everything possible and imaginable so that Elkann, now that he is leaving the world of publishing, does not do so by running away with the money, but rather by thinking of the families of 1,300 workers,” he concludes. Staff expect a response from the company within 48 hours.
The government met with staff and supported their demands for guarantees, although its margin of influence is limited. On the other hand, several reports indicate that before taking this step, the Greek tycoon made sure to have Meloni’s approval. Regardless, the Executive requested transparency in the operation to ensure that actors outside the EU do not intervene, making clear reference to Bin Salman. The Antenna group confirmed that it would carry out the purchase with its own capital and the Saudi prince, accused by the United States of the murder of a journalist from Washington Postwill not participate in the acquisition.
The newspaper’s editors have already embarked on a series of days of strike, clashing with Elkann, whom they accuse of having hidden the operation for months. In the case of La StampaIn the Agnelli family diary, the coup d’état is even more symbolic for the city, which experiences it as a betrayal. Nowadays we receive many letters from outraged and saddened readers. Even the archbishop, Roberto Repole, intervened to oppose the operation.
Controversial video from Juventus defense
It also hurt a lot that in the face of rumors that Juventus, another family jewel, was also for sale, Elkann appeared in a video on Saturday wearing a club sweatshirt to dismiss it: “Juve, its history, its values, are not for sale.” “This is valid for football, but not for our newspaper and its more than 150 years of history. A story that can be sold calmly, without even worrying about who (…). La Stampa Since 1926, it has been part of the same family and the same large industrial group which is gradually disintegrating, destroying value and values,” the newspaper’s editorial staff said on Monday.
The Agnellis bought The Republic in 2019 to its historic owner, Carlo De Benedetti (who later founded another newspaper, Domanito which part of the editorial staff emigrated), but the crisis in the sector and a highly criticized management ultimately led the family to get rid of the entire media conglomerate. For La Stampa This will be particularly damaging, after years of synergies: “We are in a group with many intertwined activities, and the entire digital part, video, social networks, podcasts, is in a centralized structure, and if we separate, we will lose them, even though they are a decisive part of the future of the sector,” explains Paolo Barone, of the editorial committee.
The entire Italian political class expressed its solidarity with the journalists concerned and asked the government to guarantee the independence of newspapers and media pluralism. However, despite the current situation in the two newspapers, Giorgia Meloni went wild on Sunday evening, during her party’s youth party, by attacking the The Republic and some of its journalists: “Today, the PD (Democratic Party) is outraged because the Elkann want to sell the GEDI group and there would be no guarantee for the workers, but when the Stellantis factories (car brand belonging to the same family) were closed and it was the workers who lost their jobs, they are all silent, as well as (Maurizio) Landini (leader of the first Italian union, CGIL) who gave interviews to THE Republic and on this he hissed.
The newspaper’s editorial board rejected the accusations, calling them “completely false.” Additionally, Meloni attacked columnist Michele Serra for criticizing his party’s youth side. He defined it as a symbol of “the isolated and angry left” and without “moral, cultural, political depth”.
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