Springer goes live

Ziua publica un articol scris de Mathias Döpfner si intitulat "Europa, numele tau e lasitate". Editorialul e foarte bine scris, articulat, savuros. Well put, mister Dopfner.

Care e insa contextul in care trebuie plasat acest editorial (admitand ca e important sa, well, contextualizezi)?

1. Mathias Döpfner este nu numai un reputat jurnalist german ci si CEO al celui mai mare grup de presa german, Axel Springer (companie fondata chiar de domnul Axel Springer ). Acest grup de presa publica, intre altele, si cotidianul Bild, un tabloid care s'a aflat, natural, in mijlocul multor controverse de'a lungul timpului.

Interesant, tocmai am citit pe wiki chestia asta despre fondatorul Axel Springer (subliniez ce mi se pare de luat in consideratie): He went on to launch and acquire a string of papers - most resolutely anti-intellectual, in line with his comment that too much reflection was bad for Germans - and magazines characterised by entertainment and conservative politics. In Germania chiar exista niste traditii jurnalistice...

2. ... si, in buna traditie, business is business. We're talking big money here. Guess who cuts a good deal these days (fragment din Le Figaro): Axel Springer, qui détenait déja 12% de ProSiebenSat.1, rachete la participation d'un consortium d'investisseurs réunis autour du flamboyant milliardaire israélo-américain Haim Saban. Ce consortium détient 50,5% du capital et 88% des droits de vote, rachetés en 2003, apres la déconfiture de Kirch précipitée par... Axel Springer. si... Le groupe, longtemps dans le rouge et en butte a la crise de la publicité dans une économie sinistrée, avait le choix entre une croissance de ses activités de presse a l'international et un élargissement a la télévision en Allemagne pour garantir sa croissance future, a expliqué Mathias Döpfner, son patron. "Avec le rachat de ProSiebenSat.1 nous utilisons une chance unique et mettons en oeuvre une de ces options", a-t-il déclaré. si... Mais alors que l'idée maintes fois évoquée d'une mise en Bourse de Bertelsmann semble remisée au panier, Axel Springer se lance aussi dans l'aventure de la Bourse. Friede Springer, veuve d'Axel, gardera la majorité mais le groupe prévoit suite a la fusion une augmentation de capital. "D'un point de vue boursier la possibilité d'investir dans l'entreprise fusionnée avec un flottant nettement plus haut est tres attractive", a commenté Brian Powers, patron du fonds Hellman & Friedman, actionnaire a la fois d'Axel Springer et de ProSiebenSat.1. Et Axel Springer pourra lever des fonds en Bourse pour financer sa croissance future.

Bottom line: (media) business is (just another kind of) business. One needs to keep cool and put things into context: a CEO's job is to grow the business. Otherwise, yes, I agree, he's a great journalist.

3. E un SUPER deal. Structura interesanta (takeover urmat de merger). Ramane de vazut daca primesc si blessingul UE (Zeus ? hehe). Din cate am inteles din Figaro, au planuri sa o floteze, ceea ce explica interesul absolut justificat pentru americani. Dealul insa e gigantic (suma e mai mare decat dublul activelor lui Springer), asa ca am cautat si gasit si explicatia: Haim Saban holds an interest in P7S1 Holding L.P. by way of the Saban Capital Group, and will remain associated with the company even after the sale of P7S1 Holding’s stock package to Springer. Saban will become a shareholder of the merged media corporation. (fragment din comunicatul de presa al lui Springer). Si Bloomberg scrie o chestie misto tot azi: Saban's Role: After the transaction, Springer said it also plans to issue new preference shares. To achieve the ``complete combination of both companies,'' Springer said it plans to merge with ProSiebenSat.l ``in the medium term.'' The German cartel office expects its assessment to take about three months, said Irene Tilmann, a spokeswoman at the office. Saban, who will serve as chairman of the television advisory board and will also become a shareholder of the merged company, said he will help ``guide the ongoing strategic expansion of this company, which will have a unique position in Europe.'' He didn't want to say how much the investor group made on the investment. Deutsche Bank is the lead adviser for Axel Springer. Goldman Sachs Group Inc. also advised the publisher. Deutsche Bank and Credit Suisse First Boston are helping finance the purchase. Lehman Brothers Holdings Inc. advised ProSiebenSat.1 and JPMorgan Chase & Co. worked with Saban.

FYI, strict din punctul de vedere al 'rationalitatii' dealului: Springer si ProSib au EBITDA margins in regiunea lui 12-14 %, asa ca mergerul o sa aduca, foarte probabil, noi concedieri. ProSib e cam la blana (7% din venituri sparte in cheltuieli administrative). Springer insa are burta mare, baga 30% din ce vinde in cheltuieli de personal, asa ca au de unde da jos grasime (Stoiber ala e complet pe dinafara vizavi de crearea de noi locuri de munca).

Si, zpetzial pentru amicul forumist Zeus, tot din Bloomberg:

Springer was founded in 1946 by Axel Springer. As many businesses left West Berlin, anti-communist Springer completed the company's headquarters overlooking the Berlin Wall, a block away from Checkpoint Charlie. Since Springer's death in 1985, his widow, Friede Springer, 62, has controlled the company, and currently holds 60 percent of its stock. Only 9 percent of Springer's shares aren't owned by long-term investors in the company. Usually fewer than 1,000 Springer shares are traded on German exchanges each day. Adevarul e ca Springer chiar a fost un super adevarat - Si, de noapte buna, un mic road show statement de la amicul CEO (fragement de pe Bloomberg): ``Investors who want to invest in the German and European media market will have to buy our shares,'' Doepfner, 42, said in an interview. ``We are the only listed company in this country that combines print and TV operations.''


Points well taken, Mr. D !