France: Le Monde facing a financial crisis.
Posted by Cyril Gros on December 7, 2007 at 11:24 AM
The French newspaper Le Monde has reported at least ten million euro losses according to the stock owners of the company.
The stocks owners met on December 4th to discuss a solution to resolve this crisis, which threatens jobs and may result in the cutting of news magazines from the French group.
The company’s current financial situation is partially due to the decrease of interest from the group’s advertising investors.
The group is looking for a solution to increase its benefits to resolve the crisis.
In 2007, only 3 million euros of profits will be made instead of the 8 million initially foreseen. Le Monde group hopes to raise up to 12 million euros in 2008, the amount needed to refund their debt.
The group will propose the solutions they have found to the financial security council on December 19th.
The workers union of Le Monde magazines gathered in front of the main building on Thursday to show their discontent, with jobs and salaries likely being cut due to the economic difficulties along with the possibility of cutting the magazines.
Source: Yahoo news through AFP
The company’s current financial situation is partially due to the decrease of interest from the group’s advertising investors.
The group is looking for a solution to increase its benefits to resolve the crisis.
In 2007, only 3 million euros of profits will be made instead of the 8 million initially foreseen. Le Monde group hopes to raise up to 12 million euros in 2008, the amount needed to refund their debt.
The group will propose the solutions they have found to the financial security council on December 19th.
The workers union of Le Monde magazines gathered in front of the main building on Thursday to show their discontent, with jobs and salaries likely being cut due to the economic difficulties along with the possibility of cutting the magazines.
Source: Yahoo news through AFP
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