Because the Sole 24 Ore goes on strike

Because the Sole 24 Ore goes on strike

What is happening in the editorial group of Confindustria that wants to put the journalists of the newspaper Il Sole 24 Ore, of the Radiocor agency and of Radio 24 due to the Covid-19 emergency. All the differences between editors and group administrators

Site not updated, arms folded for journalists of Radiocor and Radio 24 and tomorrow newspaper Sole 24 Ore absent from newsstands.

Journalists of the 24 Ore group are on strike against the decision of the top of the publishing group to cut the paycheck by 25% in the second half of 2020.

The discussion between the editorial committees and the company began on May 15 and seven meetings were held until June 11, which however did not lead to the resolution of the conflict or at least to a meeting point from which to start to continue negotiation. Immediately after the request, rejected immediately, the assembly of journalists proclaimed a state of unrest and entrusted the editorial board with a package of ten days of strike.

At the base of the recourse to social safety nets by the top management of the group is the drop in production for the pandemic that created the health emergency, lockdown and economic crisis but the editors contest the motivation for resorting to cassaintegration given the results site and with sales on newsstands: there has been no drop in production that justifies the Cig, essentially say the editors of the confindustrial newspaper directed by Fabio Tamburini.

In the meantime, just to light the fuse even more, the group shareholders 'meeting, on April 29th, gave the go-ahead to the report on the directors' remuneration for the results, to be honest not excellent, obtained in the last financial year: 90 thousand euros gross for the CEO and another 180 thousand euros gross for "executives with strategic responsibilities" .

Here are all the details.

THE PRESS RELEASE

The editorial committee of the industrial newspaper considers the request presented by the company "unacceptable on a trade union level" and "inapplicable on an organizational level". Journalists recall the efforts made to ensure the release of the newspaper during the lockdown and clarify that “the production guaranteed by the editorial staff has certainly not decreased, as Covid's cash request assumes, if anything it has increased significantly. The results have been seen – they continue – both with the growth in newsstand sales and with record numbers of digital readers ". Therefore, the corporate communication of 14 May was mentioned which claimed results "at the top in March¨ + 6.3% on newsstands and + 145% the site". Not to mention, they say, that "a week's absence from the editorial office every month would actually compromise the realization of all that series of products both on paper and on the web that is starting to produce alternative revenue lines to traditional forms of business".

"Maximum bewilderment" is also expressed by the CDRs of Radiocor Plus and Radio 24 which mention "professionalism, self-sacrifice and spirit of sacrifice of colleagues" which have allowed the media of the publishing group to stand up. "An effort – reads the note – that the company should now reward and valorise, investing to engage as soon as possible a recovery that can finally translate into an increase in group revenues".

THE PUBLISHER'S PRESS

In the editor's note it is noted that “the company has highlighted the need to have to resort to wage supplementation to counter the negative effects of the Covid-19 emergency, in a general context of cost containment which already involves all sectors of the company, starting from the collaborators, managers and colleagues of the graphic and polygraphic sector ".

In addition, the publisher remembers that he made himself available to downsize the measure of the intervention "up to an average value of 15% over a longer period together with other cost containment actions, partially accepting the counterparty's requests".

HOW IT WAS 2019

Certainly, the 2019 financial year did not end in an exciting way for the 24 Ore group: negative operating result for 2.7 million and negative net result for 1.2 million euro, however improving compared to the loss of 6 million recorded in the 2018. Revenues, at € 198.7 million, also fell badly, down 6% on the year and gross operating margin net of the impact of the new accounting criteria (IFRS 16) and non-recurring expenses and income decreased by 9, 5 to 5.2 million. There is less news for shareholders 'equity, equal to 36.6 million euros, 0.7 million euros more than the shareholders' equity of the consolidated financial statements at December 31, 2018 when it amounted to 35.8 million euros.

HOW WAS THE FIRST QUARTER 2020

The consolidated results for the first quarter of the current year are certainly not encouraging: Ebitda was negative for 1.6 million while it was positive for 2.4 million at March 31, 2019 and the net result was negative for 5.9 million , compared to the previous -1.7 million. A negative sign also on the consolidated revenues front, at 43.3 million (-13.7%), while the group's advertising revenues, equal to 16.5 million, decreased by 2 million (-10.7%) compared to in the same period of 2019. Due to the health emergency in March alone, advertising revenues fell by 23.7% and revenues from the Culture area – following the closure of Mudec, the Museum of Cultures in Milan – recorded a 92% drop. The only positive note, as the newspaper's CDR also reminded us, the newsstand sales which also increased by 6.3% in March compared to the previous month.


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-il-sole-24-ore-sciopera/?utm_source=rss&utm_medium=rss&utm_campaign=perche-il-sole-24-ore-sciopera on Wed, 17 Jun 2020 10:27:09 +0000.