Milan

Bernardini De Pace makes offer for Rizzoli's 10 magazines

Second binding offer comes from Seregni-Fingraf

Bernardini De Pace makes offer for Rizzoli's 10 magazines

Milan, March 8 - Italian businessman Alfredo Bernardini De Pace made a binding offer Friday to buy 10 magazines being sold by the Rizzoli publishing empire (RCS), owner of Italy's biggest national newspaper Corriere della Sera. Bernardini De Pace, who owns the PRS advertising company, made the second binding offer the company has received. The first purchase offer was made by Seregni-Fingraf, which prints a number of national Italian newspapers. RCS last month announced plans to lay-off 800 of its nearly 5,000 employees and shut or sell 10 of its magazines. Another possible contender may be publishing house News 3.0, which has presented a non-binding offer and is currently carrying out a due diligence in the RCS data room. The magazines concerned represent 20% of the group's revenues and jobs for 90 journalists and graphic artists. Their titles are A, Bravacasa, Yacht & Sail, Max, Europeo, Astra, Novella, Visto, Ok Salute, and the group's crossword puzzle department.

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