(Photo credit: Tamedia)
The Tribune de Genève, Geneva’s largest daily newsprint, could soon be financed by the Hans Wilsdorf Foundation.
The news industry was hit hard last week when Tamedia, a Swiss media group and owner of the Tribune de Genève among several titles, announced it would close two printing plants and lay off 290 people as it plans to focus on four other titles in its portfolio.
The layoffs are likely to be the death knell for the Tribune de Genève, founded in 1879. But some in Geneva say the Hans Wilsdorf Foundation could be stepping in, as it did with two other Geneva publications, as previously reported by Coronet.
The foundation, financed completely through Rolex sales, has a media component named Aventinus whose purpose is to “support ... mainly in Geneva ... the existence of an autonomous, diversified and quality press ... for the proper circulation of information and the functioning of democracy,” according to Aventinus’ website.
A luxury company financing a news publication is not unique as the luxury industry tends to be highly protective of its image. LVMH in 2007 bought Les Echos, France's largest business newspaper.