French press loses the plot - and readers

I have mentioned in the last couple of weeks the bids for France's premier newspaper, Le Monde , and the urgency because it is running out of cash. But it isn't simply a matter of money. Frédéric Filloux , the Paris-based media commentator, calls the paper a "textbook example of the evolution of French press over the last years." And then he lists the problems... * Steady erosion in readership. * Lack of budget discipline, made worse by loose governance. * The core newsroom's reluctance to support the digital strategy * The collective certainty the "brand" was too beautiful to fail and that a deep-pocketed philanthropist will inevitably show up at the right time to save the company. * Reluctance to invest into the future, to test new ideas, to built prototypes, to co-opt key talent or to invest in decisive technologies. * A bottomless investment in the heavy-industry part of the supply chain, in costly printing facilities. * An excessive reliance on public subsidies which account for about 10% of the industry's entire revenue. (Compared to Sweden, French newspapers have three times fewer readers, but each one gets five times more subsidies). He writes: "To a large extent, these characteristics are shared by most French newspapers. This could explain the dire situation of the Gallic press." Aside from Le Monde, which needs £100m right now and more later, three other major papers are on the block, or urgently looking for saviours: * Le Parisien , a popular daily, is for sale. Although quite good from an editorial perspective, it is not profitable and its family ownership wants to refocus on sports-related assets. * La Tribune , the second-placed business daily, is looking for a majority investor. * Liberation is also facing a cash shortfall. To read more of Filloux's sad analysis, read his Monday Note .