October 21, 2019 / 1:41 PM / a month ago

GEDI board rejects De Benedetti criticisms

MILAN, Oct 21 (Reuters) - Italy’s GEDI Gruppo Editoriale board said on Monday it was adopting appropriate measures to face challenges in the media sector, rejecting criticisms expressed last week by former owner Carlo De Benedetti, who is bidding for the group.

Seven years ago De Benedetti transferred his stake in the holding company CIR, which controls nearly 43% of GEDI, to his three sons, Rodolfo, Marco and Edoardo.

Last week, after launching the bid he told the Corriere della Sera newspaper that his sons had “neither the skills nor the passion required to be publishers” and had concentrated solely on looking for a buyer.

“The Board of Directors wishes to specify the GEDI Group maintains a solid leadership in daily newspapers, digital media and radio, and adopts measures capable of facing the future, investment and development, and creating sustainable value”, GEDI said in a statement.

Reporting by Gianluca Semeraro, editing by James Mackenzie

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