The group that owns the magazine “Têtu” requests its placement in receivership

2023-10-13 00:10:47

The magazine press group I/O Media, owner of Têtu and Opéra Magazine, has requested its placement in receivership before the Paris commercial court, its president Albin Serviant told the newspaper. The echoes THURSDAY.

“I have been in discussions with several large media groups in France since the summer to partner with them,” Albin Serviant told Les Échos. “In order to continue these discussions with complete peace of mind, and to preserve assets and talents, I have decided to place us under the protection of the commercial court.”

This measure will allow the continuation of all activities, leaving the possibility of a possible takeover or minority participation.

The press in difficulty

The Têtu magazine, founded 28 years ago, was relaunched in 2018 by a group of investors led by Albin Serviant. In January 2020, it raised one million euros to accelerate its diversification strategy and brought in several new shareholders.

Like Têtu, other independent press groups are in difficulty, hit by the rise in the price of paper and energy and struggling to repay loans guaranteed by the state. The magazine “XXI”, placed in receivership in August, could be taken over by Indigo Publications (La Lettre, Africa Intelligence, Intelligence Online and Glitz), according to press information.

I/O Media has expanded by taking over Opéra Magazine in 2021, then in 2022 the bimonthly design magazine Ideat, the men’s The Good Life and the women’s Dim Dam Dom. The groups now have around fifty employees, for a 2023 turnover of around 11 million euros, compared to 10.5 million in 2022, according to I/O Media, specifies Les Échos.

If Têtu is profitable and has increased its turnover thanks to these diversifications, the group will end this year in losses, in particular because of its loan maturities. “At the moment, the press sector is difficult for independents, I need to be financially supported,” adds Albin Serviant in the daily. The group’s president is the largest shareholder, alongside other investors, including Marc-Olivier Fogiel, the Banijay group and SOS Participations.