Press freedom: Scrutiny intensifies over sale of Italy’s leading newspapers

Italy’s parliament has summoned executives from GEDI – the publisher of La Repubblica and La Stampa – together with editorial representatives, to testify over the proposed sale of the two newspapers to Greece’s Antenna Group.  

The hearing, announced Thursday by Federico Mollicone, president of the parliamentary media committee, comes after days of strikes and widespread unease in newsrooms as talks continue between GEDI, owned by the Agnelli family’s Exor holding, and the Greek bidder led by Theodore Kyriakou.  

The potential sale, which has attracted significant public attention, has drawn scrutiny in part because of the prospective buyer’s background. Kyriakou, a media and shipping magnate, is the son of Minos Kyriakou, who founded Antenna, the company behind ANT1 TV, one of Greece’s major television networks. 

High-profile bidder 

Described by the independent Greek newspaper Blitz Quotidiano as a “ultra-conservative Berlusconi of the Balkans”, Kyriakou has publicly acknowledged close ties to US President Donald Trump and maintains business relations in both Qatar and Saudi Arabia.  

In spring 2025, he was among a select group invited to a dinner in Doha hosted by the Emir of Qatar, Tamim bin Hamad Al-Thani, held in honour of the US president, where he reportedly held private discussions on commercial and international political developments. 

According to El País, Kyriakou sought informal approval from Italy’s prime minister, Giorgia Meloni, before pursuing the acquisition of the Italian dailies. 

The potential sale was confirmed last week when John Elkann, chair of the Gedi Group, informed staff that the company is in exclusive talks with Antenna. Gedi is controlled by the Agnelli family’s holding company, Exor, which also holds major stakes in Stellantis, Ferrari, and Philips. The transaction is reportedly valued at around €140 million. 

A source close to Antenna told Reuters that the group’s plans include “ambitious expansion goals", particularly the internationalisation of the newspapers’ editorial brands, which could lead to an increase in jobs in the medium term. The source, however, did not provide further details on how the strategy would be implemented or what safeguards would be put in place to protect editorial independence.  

Controversies 

La Repubblica, launched in Rome in 1976, is a leading centre-left daily with a reputation for intellectual and pro-European coverage. La Stampa, founded in Turin in 1867 as the Gazzetta Piemontese, is one of Italy’s oldest newspapers and has traditionally reflected the liberal, moderate traditions of the industrial north.  

Together, the titles are among the country’s five best-selling newspapers, with La Repubblica selling around 96,000 copies per day and La Stampa about 59,000, according to data from ADS. Both titles are owned by the Gedi Group, which also runs the Italian edition of the HuffPost and three national radio stations – Radio Deejay, M2O, and Radio Capital – employing nearly 1,300 people. 

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Both newspapers have been critical of Prime Minister Giorgia Meloni’s government, as well as Donald Trump and Vladimir Putin, raising fears that foreign ownership could affect editorial independence. 

These concerns have intensified given Antenna’s financial and political links abroad. In 2022, Saudi Arabia’s Public Investment Fund (PIF), chaired by Crown Prince Mohammed bin Salman, acquired a 30% stake in the group. While Antenna has said this investment does not extend to the Gedi acquisition, human rights organisations have repeatedly criticised the PIF as a vehicle for Saudi soft power. Human Rights Watch described the fund as a tool to deflect attention from serious human rights abuses and rehabilitate the country’s international image. 

The proposed sale has also attracted scrutiny from abroad. Russia’s embassy in Rome publicly commented on the proposed sale, saying it hoped the newspapers would no longer act as “mouthpieces for unbridled anti-Russian propaganda” under new ownership. 

Editorial and political response 

La Repubblica’s editorial board condemned what it described as a “very serious act of interference” and pledged to continue challenging false narratives promoted by authoritarian leaders. 

Opposition politicians also criticised the Russian statement. Angelo Bonelli of the Green Party called it “unacceptable interference", while Democratic Party MP Debora Serracchiani highlighted Russia’s restrictions on press freedom and treatment of journalists and political opponents. 

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Italy’s government has so far resisted calls to invoke its “golden power", which allows the state to block foreign acquisitions in strategic sectors. Foreign Minister Antonio Tajani said the matter should be left to the market, while acknowledging that domestic ownership of national newspapers would better serve the national interest. 

In Turin, where La Stampa has deep historical roots, the proposed sale has prompted a strong emotional response. Readers have written to express anger and disappointment, while the city’s archbishop, Roberto Repole, spoke out on the importance of independent information in a fragile democratic climate. 

Journalists at both newspapers have begun strike action last week, seeking guarantees on employment and editorial independence. According to staff representatives, Kyriakou does not intend to retain La Stampa and is expected to find a separate buyer before the transaction is finalised early next year. 

This article was adapted from the original in French.