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Thiebeer, Siegfried


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Frankfurter Allgemeine Zeitung - Germany | 26/07/2006

A pan-European media group

Having announced plans to create a pan-European media group, "David Montgomery is now keeping his word," Siegfried Thiebeer comments on the British investor's credit-financed acquisition of Norway's Orkla Media. The move gives him ownership of major newspapers like Denmark's Berlingske Tidende, Poland's Rzeczpospolita and Germany's Berliner Zeitung. "Montgomery has said he's convinced the newspaper has a future as a medium and at the same time stresses that Mecom is not out to make a quick profit through cost-cutting measures. He says the idea is to develop the acquired media and ensure a 15-percent profit margin... However, Montgomery's obvious difficulties in financing his project are provoking growing doubts that, for example, he has enough cash to survive Denmark's looming newspaper war."

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