For two weeks, we have resumed the listing plan started last October. We had stopped the process because of Covid, but if everything goes well we will land on Wall Street in the early months of 2021. In the plans of Marco Durante, president and founder of LaPresse, the news agency born in Turin in 1994, there is internationalization: the only way to grow in this sector.
The alliance with Ap
The first step was the agreement with the Associated Press (Ap) last May for the exclusive distribution in Italy of photos, texts, videos. In October 2019, we started working with Deloitte on the listing on Wall Street and the opening of 24 offices abroad, from New York to Singapore, but also Los Angeles, London Brussels and many others – continues Durante -. We rented the premises from Ap in order to work with our men in close contact with theirs and to convey Italian photos, texts and videos in those countries. The opening of the new offices should be completed by the end of June. Some are already operational, to be precise eight, despite the Covid emergency: Brussels began in April. And the offices in Beijing, which are extremely important for us at the moment, in New York and London are already working. Among the projects there is that of enhancing the video part to strengthen our display cases, which are already the richest after those of Rai.
The recovery plan
The listing for now will only take place on the New York Stock Exchange, but not excluding that in the future LaPresse will also land in Piazza Affari: it is important to start from New York because it gives value to the title – explains Durante -. However, being Italian after 48 months, we will be able to evaluate ourselves also in Milan, for at the moment there is no project in this regard. The operation involves new hires: The important economic commitment – concludes Durante – but it is an innovative plan. With a home-only vision there is no future. From September we will hire new journalists indefinitely, the talks have already started. The plan aims to relaunch at a critical moment for the news agency which, due to the crisis from Covid, was forced to resort to layoffs: from 27 April to 27 June the administrative staff and 46 journalists working are in the CIG in Italy and who have the exclusive right (those who cover the text part at 60%, work two days a week; those who cover the video part at 40%, work three days a week).