Spurred by higherÂ values for business media properties such as The Wall Street Journal and Reuters, Italyâ€™s largest business newspaper, Il Sole 24 Ore, will file an application to list its shares in the next two weeks, according to a story in the Financial Times.
Emily Backus and Andrew Edgecliffe-Johnson wrote, “A source close to Il Sole 24 Ore, which is wholly owned by Confindustria, Italyâ€™s main business lobby group, said the company was aiming to make its market debut in November, putting a 32.5Â per cent stake on the block.
“Il Sole 24 Ore is widely regarded in Italy as the business paper of record, and is among Europeâ€™s largest business papers, with a daily circulation of 347,000 copies and an estimated 1.2m readers. Although it has seen little recent growth in circulation, it has boosted advertising revenues.
“The company was expected to announce a 27 per cent rise in gross profits (earnings before interest, tax, depreciation and amortisation) for the first half of the year at a board meeting Monday night. Ebitda for the first half of 2007 was â‚¬56m ($71.5m) on total revenues of â‚¬307m, versus an ebitda of â‚¬44m on revenues of â‚¬274m last year.”
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