The plan, which was accepted by all the newspaper's current shareholders, now goes to the Swiss competition authorities (Commission de la Concurrence) for approval. It provides for setting up a joint venture company, to be owned 50% by Edipresse and 50% by Ringier, that will take control of the vast majority of Le Temps' capital (82%). The other shareholders are Claude Demole of Geneva (7%, unchanged), a company belonging to the workforce (6%, unchanged) and the French publishing group Le Monde, whose share goes down to 5%. Bénédict Hentsch, who until now personally owned a 20% stake in the Geneva daily's capital, accepted the offer to be bought out and has withdrawn, convinced as he is that the title's future will benefit from a strong controlling block of industry professionals. The Board of Directors and the management of Le Temps gave a warm vote of thanks to Bénédict Hentsch for his commitment and constant support of the business.

Up to now, the company's capital was split as follows: 47% owned by the company Le Nouveau Quotidien (80% Edipresse and 20% Ringier), 20% by Bénédict Hentsch and 7% by Claude Demole, 20% by Le Monde publishing house and 6% by the company belonging to the workforce.

The country's two leading publishers, acting together through their joint venture, intend to strengthen the company Le Temps and enable the newspaper, which has become firmly established on the Swiss market since its 1998 launch, to develop with their support. Ringier, which has been indirectly associated with Le Temps since its creation via the company Le Nouveau Quotidien, will take an active role in the business. Its presence will also allow Le Temps to open up new areas of cooperation, especially in respect of the weekly TV supplement. Existing cooperation with Le Monde is not affected by these changes to the capital.

Le Temps management, led by Eric Hoesli, and the editorial team, led by Jean-Jacques Roth, were encouraged by all the shareholders at the meeting to continue their efforts to maintain a quality daily while reaching break-even, despite the difficult advertising sector environment. They also received assurances that editorial independence would be guaranteed, as it always has been in the past.

Another general shareholders' meeting will be convened when the decision of the competition authorities is known. It will duly elect a new Board of Directors, reflecting the revised capital structure. The current chairman of the board, Mr. Stéphane Garelli, is expected to continue in this role.

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Tibère Adler
Chief Executive Officer
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