French billionaire Xavier Niel has bought Czech energy tycoon Daniel Křetínský out of his stake in Le Monde, in a move that will advance Niel’s longstanding plan to put ownership of the newspaper in a foundation to protect its future.
The roughly €50mn deal was agreed privately in the past month and will allow Křetínský to largely break even on his initial investment made in 2018, according to people close to the matter. An internal committee representing the staff of the left-leaning daily has been informed, as required under French law.
After the Financial Times reported on Saturday that the deal was close, Niel’s holding company NJJ Presse confirmed that it had bought Křetínský’s stake and made an “irrevocable commitment” to transfer the shares to the foundation.
Read the full story on the Financial Times here.