"Considering the incapacity of the directory to excercise its responsibilities in light of the public and reiterated opposition of the SRM, the directory has submitted its resignation," said Le Monde in a press release last night.

“The council of the SRM considers that financial fluxes between the parent company, Société éditrice du Monde, and Le Monde Interactif, mustn’t continue to happen at the cost of the Société éditrice du Monde,” said Jean Michel Dumay, president of the SRM.

According to Dumay, the financial burden of Le Monde Interactif on the Société éditrice du Monde have been negative ( - €744,000 in 2006, - €635,000 in 2007, and a projected - €170,0000 in 2008), whereas Le Monde Interactif’s operating profits have been significant (€2 million in 2006, an estimated €3.2 million in 2007, and a projected €4 million in 2008).

Still according to Dumay, the Société éditrice du Monde has dished out €9 million to its interactive branch since its creation, and only €0.8 million have been reimbursed.

The resignation of Pierre Jeantet, President of Le Monde, Bruno Patino, Vice President, and Eric Fottorino, director of Le Monde, comes as a surprise though. Their official departure will be on Jan. 4.

Admittedly, when we had talked to editors and execs at Le Monde Interactif, collaboration was only etching into place, and Le Monde’s insiders readily said that the online and print editions have different working cultures, styles and mentalities. But it had seemed like collaboration was going the right way.

Source: Figaro - Rue89