L’Espresso, what is the publisher Iervolino doing who ousted the director Lirio Abbate (replaced by Alessandro Rossi)
The editor of L'Espresso, Danilo Iervolino, has fired the director Lirio Abbate. In his place comes Alessandro Mauro Rossi, director of Forbes Italia. Facts, names, rumors and insights
Journalistic and editorial storm at the weekly l'Espresso .
According to Prima Comunicazione , a few hours ago the editor of L'Espresso, Danilo Iervolino, fired the director Lirio Abbate. In his place comes Alessandro Mauro Rossi, director of Forbes Italia and editorial director of the Bfc Media group.
The editorial staff of L'Espresso proclaimed a state of agitation and met in assembly giving a mandate to the CDR to "take any type of initiative to protect the prestige and independence of the newspaper". The outgoing number seems guaranteed, not so the next one.
Last June, when Iervolino acquired the historic magazine from Gedi, Lirio Abbate – who took over with the resignation of Marco Damilano – had been confirmed at the helm due to "continuity with the previous management".
Now therefore the direction of the weekly sold by the Gedi-Republic group to Iervolino goes Alessandro Rossi, director of Forbes Italia , notoriously a newspaper not very accustomed to investigative journalism like that of Espresso , as can be seen even just by scrolling through the account twitter of the newspaper still owned by the Ievolino group.
According to Dagospia , “a drop that would have overflowed the vase is an investigation, published in the edition of last Sunday, December 11, on the Amazon. But what was so uncomfortable about the long article, signed by Paolo Biondani and Pietro Mecarozzi as to justify the dismissal of the director? The answer is simple: a very harsh attack on Exor and CNH by John Elkann. The two Agnelli companies were brought into play among those that finance the Brazilian giants accused of the fires that are devastating the Amazonian forests. And Yaki, mindful of the good old days when he was the editor of Espresso, wouldn't have liked it at all. The lawyer's nephew was pissed off and mentioned it to Iervolino, threatening to tear up the agreement for the distribution of the weekly attached to Repubblica (which expires in March). And at that point the vivacious “golden boy” of Italian publishing took revenge on the director”.
In Dagospia , Gedi said: "We await Lirio's return to the GEDI Group (controlled by Exor) with open arms."
( Start Magazine editorial staff )
The editorial staff of L'Espresso has proclaimed a state of agitation, meets in permanent assembly and has given a mandate to the CDR to take any type of initiative to protect the prestige and independence of the newspaper.
— L'Espresso (@espressonline) December 15, 2022
WHO IS, WHAT DOES DANILO IERVOLINO THINK AND DO, EDITOR OF THE WEEKLY L'ESPRESSO:
( excerpt from a Start Magazine article dated October 2022 )
In May, Bfc Media announced that it had signed, through its subsidiary L'Espresso Media, 51% owned by Bfc Media (of which Iervolino holds the controlling stake) and 49% by Idi with sole shareholder Danilo Iervolino, the contract preliminary agreement with the Gedi group (of the Agnelli family's Exor holding) for the acquisition of the weekly and the Guides of the Espress o. The operation is worth 4.5 million euros.
During the week, L'Espresso , under the new editorial leadership of Bfc Media, announced its new multimedia system starting from 15 January 2023.
IERVOLINO: TARGET ONE MILLION ONLINE SUBSCRIBERS FOR L'ESPRESSO
“We aim for one million online subscriptions next year, also focusing on B2B” announced the editor of Bfc Media and L'Espresso, Danilo Iervolino. “We will be – he explained – the first 'Netzine', network and magazine, in a community that can be debated: there will be user participation to explore and discuss the contents with journalists.
“We want to start from this to create one of the largest magazines in Europe”. Iervolino promised: "We will be irreverent and disorganized, so that L'Espresso can represent a true standard bearer in the change of publishing". It will be a weekly that "will espouse the causes of sustainability, interculturalism, inclusion, smart cities, telemedicine, microrobotics, etc.: we are progressives and on this we will continue to be divisive".
CHANGE OF OWNERSHIP FOR THE WEEKLY FOUNDED BY BENEDETTI E SCALFARI
Thus ended the Gedi era for the weekly. On 27 June Bfc Media completed the acquisition of Espresso from the Gedi group.
"The change of ownership has a highly symbolic value, because the weekly enters the orbit of an independent, modern and technological publisher, with major relaunch projects and prospects, and every intention of expanding the reader base" reads the press release from the new editor of L'Espresso .
The relaunch project provides for "the consolidation and development of the weekly, accompanied by a strong multimedia push through new technologies" adds the note.
COLLABORATION WITH THE GEDI GROUP
In detail, the agreement provides for various forms of collaboration with the Gedi group, including the continuation of the combination of the weekly L'Espresso with the Sunday edition of the Republic , the joint promotion of editorial initiatives, distribution services at newsstands and subscription management.
THE VALUE OF THE OPERATION
The company branches are acquired without debts or credits. The value of the transaction amounts to a maximum of 4.5 million euros, fully financed through the liquidity of Bfc Media, which will be paid in two installments: the first of 2.5 million at the time of closing and the second by 31 December 2022 .
Furthermore, the BFC adds that the final outlay may be subject to decreases due to the deferrals relating to the sale of season tickets already collected, but which will produce their effects in the coming months and which the Gedi group will transfer to the purchaser.
In 2021, the weekly L'Espresso produced around 10 million in revenues, with an EBITDA margin in line with that of the publications published by BFC Media, underlines the note.
WHO IS DANILO IERVOLINO
In addition to Espresso , the Neapolitan entrepreneur had already decided to invest in the world of football too, buying the Salernitana team from Claudio Lotito for 10 million euros.
"Journalists are not denied, convinced that football and publishing are two worlds in which communication is a fundamental resource for developing business opportunities and consensus" underlines Prima Comunicazione .
Even before publishing and football, for Iervolino there was a revolution in the university offer in Italy with his telematic proposal.
FROM THE FOUNDATION OF THE PEGASO TELEMATIC UNIVERSITY
As Startmag recalled some time ago “The father founded the Iervolino private schools, very widespread in Campania. Danilo updates the family core business. After graduating in Economics, he founded the Pegaso telematic university – one of the most widespread in Italy. The idea came to him when he was 26, after a trip to the United States”.
"The telematic university was born not only as an American dream, but also thanks to the Moratti-Stanca decree which in 2003 liberalized teaching by also establishing this innovative form of education", recalled Il Foglio in a portrait of the entrepreneur from title: “Iervolino, the innovator who doesn't like Espresso”.
"Iervolino recounts and feeds the Schumpeterian legend – emphasized the direct newspaper directed by Claudio Cerasa – that everything begins in a room three meters by three: "I wanted a university open to all, democratic, innovative that would favor the ascent in the social as in America and where students could wear their education like a tailored suit delivered to their door. At that time, few understood this, even fewer believed in it. Not so Silvio Berlusconi, who signs an agreement with Pegaso for the training of young blue leaders and thinks of him as regional coordinator of Forza Italia. Iervolino thanks, but does not bind, cultivates excellent relations with Vincenzo De Luca proconsul of Salerno as well as governor of Campania, through his son Piero deputy of the Democratic Party who defines him as a "serious, capable, passionate entrepreneur", gets close to Matteo Renzi, but keeps the politics on a parallel path”.
LEAVE THE POSITION OF PRESIDENT OF THE PEGASO TELEMATIC UNIVERSITY
After that, Il Foglio writes: “Iervolino looks around and focuses on his other projects: sport, buying Salernitana for ten million euros which Claudio Lotito was to sell, and publishing with Forbes Italia which a year earlier had celebrated as one of the hundred best Italian entrepreneurs”.
These latest challenges lead him to leave his position as president of Pegasus University.
Indeed, on April 29, Il Mattino reported that “Danilo Iervolino has resigned from his posts as director and chairman of the board of directors of Pegaso spa telematic university, Pegaso srl telematic university and Universitas Mercatorum. This decision, explains a note, «is linked to the growing work commitments of Dr. Iervolino, as well as the new professional experiences undertaken by the same, including the acquisitions of Us Salernitana 1919 and the Bfc Media Spa group».
Blue Financial Communication Spa, Bfc Media, is an independent publishing house based in Milan, founded in 1995. Edited: Forbes ; blue rating; bikes; Cosmos; Equos and Robb Report . The company is listed on the Euronext Growth Milan market of Borsa Italiana.
WHAT PLANS DOES IERVOLINO HAVE FOR ESPRESSO?
But what plans does Iervolino have?
The entrepreneur told Prima Comunicazione : “My business is all that is tech. I invest in cybersecurity, telemedicine, in all macro-sectors. Why did I get interested in football and also in publishing? Not to emulate success stories of other very important entrepreneurs. But because I really believe that they are two sectors in which the audience, the fans, the readers are not valued in terms of monetization and that technology can be of great use in modernizing the system”.
THE TAKEOVER OFFER FOR BFC MEDIA
Meanwhile Iervolino has already made a revolution in BFC media , the buyer of L'Espresso . On April 25, the Neapolitan entrepreneur, through his company Idi, launched a tender offer for the purchase of all the shares of Bfc Media, a company in which he now holds 51%, acquired by the founder Denis Masetti.
On 29 March, the sale of 51% of the share capital from Jd Farrods Group Luxembourg Sa to the company Idi Srl was completed.
GOVERNANCE
On April 21, the BFC Media assembly, in addition to approving the 2021 financial statements, appointed the new Board of Directors: President Denis Masetti confirmed; Mirko Bertucci and Alessandro Rossi, Marco Forlani (Chief Executive Officer), Paola Picilli (Independent Director), Mario Miele, Maurizio Milan and Massimiliano Muneghina join the Board.
THE HELM ENTRUSTED TO MARCO FORLANI
In fact, Iervolino has entrusted the position of CEO of Bfc Media to Marco Forlani. “Son of the former secretary and president of the Christian Democrats, Arnaldo Forlani, for 25 years he has been involved in communication and external, institutional and international relations – remarked Professione Reporter . “Since 2005 he has been senior vice president at Agustawestland and executive vice president at Finmeccanica. Since 2016 he has been a founding partner of the Hdrà integrated communication group, of which he was managing director from 2017 to 2021 and of which he is still executive senior partner. Among the many positions held by Forlani at Espresso , they especially noticed this one in Hdrà, which deals with marketing for clients such as Alitalia, the Caltagirone Group, the Italian Post Office, Assopetroli, the Football Federation, Ferrovie dello Stato, Mediaset, the Presidency of the Council, Rai , Wind, Telecom, Unicredit and Unipol. All companies on which L'Espresso has worked and works for news and investigations, with possible future conflicts of interest, say the editorial team”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/lespresso-cosa-fa-leditore-iervolino-che-ha-cacciato-il-direttore-lirio-abbate-sostituito-da-alessandro-rossi/ on Thu, 15 Dec 2022 15:44:32 +0000.