Does Louis Vuitton owner Bernard Arnault control French press?
What's the story
Bernard Arnault, the billionaire owner of the world's largest luxury group LVMH, is facing criticism from journalists' unions in France for his increasing dominance over the country's business and economic press. Reporters Without Borders has accused Arnault of having a "stranglehold" on major business publications in France after his company acquired centrist weekly Challenges. The acquisition has raised concerns over media ownership and monopoly in France.
Media expansion
LVMH's ownership of business publications under scrutiny
LVMH, which owns brands like Louis Vuitton, Dior, and Tiffany, also has a number of business publications under its belt. These include Les Echos, France's leading economic daily newspaper, and L'Agefi, a business news service. The acquisition of Challenges has drawn two separate complaints from Reporters Without Borders and journalists' unions. The French Council of State is now examining whether authorities properly assessed LVMH's ownership of business media outlets.
Defense strategy
Arnault responds to criticism
Responding to the criticism, Arnault had previously told a Senate committee that he buys media "in the general interest," to preserve key titles and keep them alive. His expansion comes amid a growing debate over billionaires who control media ownership and are reshaping the news landscape ahead of next year's presidential election in France. The country's competition watchdog is also looking into claims that LVMH "abused its dominant position" by acquiring Challenges.
Political connections
Challenges and Les Echos journalists push for independence
Arnault, who has a fortune of around $145 billion, is the richest and most high-profile business leader to own media in France. He has been vocal against wealth taxes and was among several top French business leaders who dined with Marine Le Pen of the National Rally (RN) party last April. Journalists at Challenges and Les Echos are now trying to ensure they can keep their independence-protecting charters amid fears of Arnault's more free-market approach.