Fiat and L'Espresso to merge Italian publishing operations
MILAN (AP) — Fiat Chrysler Automobiles and the publisher Gruppo Editoriale L'Espresso SpA have announced a merger to create "a leading player in the Italian media and publishing businesses."
Fiat, which owns the Turin daily La Stampa, said Wednesday it has signed a memorandum of understanding to merge its editorial operation with L'Espresso, publisher of the Rome daily La Repubblica and L'Espresso weekly magazine.
The deal brings together two of Italy's top industrialist families under new generation management — Fiat's largest shareholder the Agnelli family and the De Benedetti family, which controls L'Espresso.
The move comes six months after the Agnelli family's Exor Group bought a 50-percent stake in the Economist magazine.
Fiat said the Italian merger had "potential for significant revenue and synergies."
The value of the deal wasn't disclosed.