The loan, granted by the CMI press group, should make it possible to cover the losses of the title, which is in deficit despite strong growth in its sales.
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Breath of oxygen for Release. The Czech billionaire and boss of the CMI press group (She, Marianneetc.), Daniel Kretinsky, flew to the rescue of the daily, bailing it out with 15 million euros until its expected return to equilibrium in 2026. The businessman, already present in the capital of the Worldwill lend 14 million euros to the title to guarantee its financing for four years, according to a press release from the independent press company (PI), its owner, published on Tuesday, September 20.
At the same time, the manufacturer has undertaken to support, via its foundation, the “Endowment fund for an independent press” (FDPI, majority shareholder of independent press), to which the Altice group sold Release two years ago. A support “which would notably take the form of a donation of one million euros and representation on the Fund’s Board of Directors”according to an internal message from the director general of ReleaseDennis Olivennes.
The loan, granted by CMI, should make it possible to cover the losses of the title, which is loss-making despite strong growth in its sales, while preserving its “independence” under the hand of the FDPI, according to the press release, which does not specify what would happen in the event of a default in payment in four years. This contribution does not consist of a “compulsory convertible” (in shares) and Daniel Kretinsky did not “no right to the capital of PI or Libé”specified the PI company to AFP.
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