A media and political earthquake in Italy due to the sale of the two main opposition newspapers, La Repubblica and La Stampa | international

The Italian media and political landscape is witnessing a seismic shift with the possible sale of two historic newspapers, La Repubblica and La Stampa, the second and third best-selling newspapers in the country after Corriere della Sera, and currently the main progressive opposition media outlet to the government of far-right leader Giorgia Meloni. La Repubblica and other media outlets affiliated with the Gedi Group, such as the Italian edition of the Huffington Post and three radio stations (M20, Deejay, and Capital), could end up in the hands of the Antena Group, headed by Greek businessman Theodore Kyriakou, a conservative and ally of US President Donald Trump. Kyriakou is also a partner in Greece of Saudi Crown Prince Mohammed bin Salman, whose Public Investment Fund holds a 30% stake in Antennagreek BV.

However, the Greek businessman stated that he is not interested in La Stampa, which will be sold separately, either before or after the deal, although it is unclear to whom. The two newspapers are among the most famous publications of the GEDI Group, which is owned by the Agnelli family, the historical owners of Fiat, through Exor (which also owns 43% of The Economist), and is headed by John Elkann Agnelli. In all, it has 1,300 employees who now fear staff cuts and a change in editorial line.

Kiriakou, who was previously unknown in Italy, was one of the guests at an exclusive state dinner hosted by Trump in Qatar last May. In Washington, he is a member of the Atlantic Council, a think tank that organized an event last September in which Meloni participated via video.

The prospect of a change in the editorial line of both newspapers, which are highly critical of Trump as well as Moscow, prompted intervention on Monday from the Russian embassy in Rome, which welcomed the sale and hopes that with the new owners it will cease to be “microphones for rampant anti-Russian propaganda.”

The private Antenna Group said in a statement that it had “always shown respect for journalistic independence and pluralism,” but fears of a profound shift in the Italian media landscape are clear. The turmoil was also deeply felt by the Italian progressive movement, especially in Turin, the Piedmont region and the entire northwest of the country, where La Stampa remained a symbol of their identity for more than 150 years.

John Ageli and the event in Turin on October 3. Remo Caselli.

However, it has become clear in recent years that GEDI, which acquired the group in 2019, has been gradually dismantling it and failing to stem its losses. Between the constant cuts and sudden shifts in the editorial line at La Repubblica, which caused it to lose readers, the sale of the weekly newspaper L'Espresso, another symbol of the group, was particularly painful. The sale of GEDI Digital, the audio-visual division of newspaper websites, was also very important. La Repubblica currently has three million unique online users and La Stampa 1.1 million, while the print editions have a circulation of around 50,000 copies.

After months of rumours, Johan Elkan Agnelli confirmed to staff on Wednesday that he had signed an exclusive preliminary agreement for a €140 million ($165 million) sale to Kyriakou. The 51-year-old businessman comes from a family of shipowners with maritime and real estate interests, and through his Antenna Group has a presence in the media in Greece, Cyprus, Turkey, several Eastern European countries, Australia and the United States, especially in the audiovisual sector. In total, it has 37 channels. If the sale is completed, his first newspapers will be La Repubblica and La Stampa. Hence, growing suspicions that his real interest lay in the group's three radio stations, their only profitable businesses, as a first step towards entering the Italian television sector later. Some reports suggest that the move to Italy also points to the purchase of Sky Italia, which is expected to post a loss of €258 million ($303 million) in 2024.

Workers demand job security

Currently, negotiations for the signing have been extended by two months, until the end of January, largely to avoid announcing the sale before January 14, when La Repubblica celebrates its 50th anniversary. A celebration was planned, although it was beginning to look increasingly like a funeral. The Rome-based newspaper, founded by Eugenio Scalfari, is a cornerstone of Italian journalism and a leading voice of the left. During Silvio Berlusconi's years in power, it became the country's main opposition outlet and exposer of scandals. La Stampa was also a prominent newspaper at the time, and despite being owned by an industrialist family, it was always known for advocating social rights and reflecting a liberal culture.

The main request of the workers at this time is for the GEDI Group to ask the buyer to include a so-called social security clause, which under Italian law allows the sale to include a range of protections for the workforce. In this case, those safeguards would include maintaining current staffing levels, maintaining the editorial line, and committing not to resell outlets in the short term.

“This is a series of guarantees that worries us a lot, especially since the seller, John Elkann, has not shown any interest in them so far. In the meetings we had with the company, they told us that this was something we would have to negotiate later with the buyer,” Alessandra Zenetti, a member of La Repubblica’s editorial committee, explains by phone. “But we will do everything we can to ensure that, after leaving the publishing world, Elkann does not run away with money, but instead thinks about the families of the 1,300 employees,” she concludes. Employees expect a response from the company within 48 hours.

The government has met with employees and supported their demand for guarantees, although its room for maneuver is limited. Meanwhile, several reports indicate that before making this move, the Greek mogul made sure he had Meloni's approval. In any case, the government called for transparency in the process to ensure that no non-EU actors are involved, in an apparent reference to Mohammed bin Salman. Al-Hawai Group confirmed that it will make the purchase with its own capital, and the Saudi prince, who is accused by the CIA of ordering the killing of Washington Post journalist Jamal Khashoggi, will not participate in the acquisition.

The newspaper's employees have already begun a series of strikes and clashed with Elkann, whom they accused of concealing the deal for several months. In the case of La Stampa newspaper, owned by the Agnelli family, the strike is more symbolic for the city, which views it as a betrayal. Numerous letters have poured in from dissatisfied and saddened readers. Even Archbishop Roberto Ripoll intervened to express his opposition to the deal.

Controversial video defending Juventus

It was also very painful that amid rumors that Juventus, another jewel of the Agnelli family, was for sale, Elkann appeared in a video on Saturday wearing a club shirt to dismiss the idea: “Juventus, its history, its values, are not for sale.” “That's good for football, but not for our newspaper and its history spanning more than 150 years. A history that can be sold without a second thought, without even worrying about who will sell it.” […] The newspaper's editorial committee said on Monday that La Stampa has been part of the same family and the same large industrial group since 1926, a group that is gradually being dismantled, leading to the destruction of value and values.

The Agnelli family bought La Repubblica in 2019 from its long-time owner, Carlo De Benedetti (who later founded another newspaper, Domani, to which part of the staff moved), but a crisis in the sector and much-criticised management finally prompted the family to divest itself of the entire media conglomerate. This would be particularly damaging for La Stampa, after years of synergy: “We are part of a group with many intertwined activities, and all the digital aspects – video, social media, podcasts – are central, and if we separate, we will lose them, even though they are an important part of the future of the sector,” explains Paolo Baroni, of the editorial committee.

The entire Italian political class expressed its solidarity with the affected journalists and called on the government to guarantee the independence of newspapers and media pluralism. However, despite the current state of the two newspapers, Giorgia Meloni launched a tirade on Sunday night at her party's youth party, attacking La Repubblica and some of its journalists: “Today the Democratic Party [Democratic Party] Angry because the Elkanns want to sell the GEDI group and there will be no guarantees for the workers, but when the Stellantis factories [a car brand owned by the same family] They were closing their doors and it was the workers who were losing their jobs, and everyone was silent, including me [Maurizio] Landini [leader of Italy’s largest trade union, CGIL]who gave interviews to La Repubblica newspaper.

The newspaper's board of directors rejected these accusations, describing them as “completely false.” Furthermore, Meloni criticized writer Michele Serra for criticizing the festival of her party's youth wing. The Italian Prime Minister described Serra as a symbol of an “isolated and rabid left” that lacks “moral, cultural and political content.”

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