Two of Italy’s top media names are joining forces.
The deal is consistent with Fiat's desire to increase focus on its core business of making cars
Itedi, which owns the Turin based daily newspaper La Stampa, will merge its editorial assets with Gruppo Editoriale L’Espresso, publisher of Rome daily La Repubblica and the weekly magazine L’Espresso.
Combined the two will have a 20 percent share of the Italian press market.
Itedi is mostly owned by carmaker Fiat Chrysler which, as part of the deal, will sell off its 17 percent share in the publisher RCS Mediagroup which puts out Italy’s best selling daily Corriere della Sera, based in Milan.
Fiat said the deal is “consistent with its desire to increase focus on its core business of making cars”, adding the merger had “potential for significant revenue and synergies”.
It is the latest media move by a Fiat linked company. Six months ago the Agnelli family’s Exor Group bought a 50 percent stake in the Economist magazine. The Agnellis are Fiat’s largest shareholder.