Anyone who had the patience to go and re-read Confindustria's presidential "campaign" on FIRSTonline would not struggle to find that the problem with the Sole 24 Ore publisher was the unresolved issue of Giorgio Squinzi's presidency and one of the central themes in the race between Vincenzo Boccia and Alberto Vacchi.
Already in those months, chilling bills had emerged, unsatisfactory circulations and sales, asphyxiated advertising revenues compared to the heavy expenses of the past and the difficulties of the present. Striking chapters of an editorial story marked by subdued directions and grown in the direct and subordinate relationship to the top management of Viale dell'Astronomia. Thus, even the authority of the masthead has paid the price, losing its brilliance and clarity in dealing with the knots of international economic situations which required sensitivity and skills that are very different from simply reading the Agencies or reprints given by international newspapers.
Even the trench of the "service journal" considered impassable for decades has given way here and there more and more frequently, thus ceasing to be a real "Cassation" in the interpretations of the Laws and of the rules on labor and finance.
This explains the more than 200 million euros burned in recent years and the 50 lost in the report just passed. If then the reference shareholder, Confindustria, were to proceed with the good balance rule of its publishing assets, the consequent devaluation would undermine the central finances of the Association of Italian Entrepreneurs.
The resignations of Giorgio Squinzi and four other members of the board appear completely inevitable and, if anything, late. Vincenzo Boccia hasn't touched the newspaper's dossier since the day of his election and now we see the wall built around Il Sole 24 Ore in defense of ownership structures in part linked to the nuanced marriage with Corriere della Sera and then, it is said , for a meeting with the losers from Urbano Cairo's takeover bid.
What is certain is that the recapitalization of the magazine will not be easy for a reference shareholder who navigates economically in stormy waters due to the drop in revenues, avarice and the proclaimed autonomy of many categories, the detachment from the destinies of Viale dell'Astronomia of some large businesses or the skepticism about its future expressed by many entrepreneurs. For Vincenzo Boccia and his team it will not be easy to set up a board of directors for the rehabilitation and journalistic relaunch of the historic newspaper without questioning internal hierarchies, tired editorial offices and expensive interweaving of consultancy and services. For the moment, nothing is leaking out except for the attentive presence (as always) of Luigi Abete as Vice President pro tempore of the Sole 24 Ore: banker or long-distance navigator of the Confindustria Ocean? We will see.
