Les Echos journalists strike as Pearson mulls sale

PARIS, June 19 (Reuters) Journalists at French newspaper Les Echos went on strike today to protest against any sale of the daily by owner Pearson to Bernard Arnault, head of luxury group LVMH and owner of rival La Tribune.

Pearson, which also owns the Financial Times and the Penguin publishing house, said today it was considering selling the paper, but would not confirm it was in exclusive talks with Arnault.

Journalists at the business paper said they were concerned a sale to Arnault would jeopardise its editorial independence, credibility and profitability of the paper. Les Echos is one of the few money-making mainstream dailies in France.

Two journalists at Les Echos who did not wish to be named said Arnault had offered up to 250 million euros, more than twice the paper's annual sales, to beat offers from private equity firms of around 200 million euros.

Pearson declined to comment on the rumoured price tag.

''The staff (of Les Echos) believes that this potential buyer does not satisfy two major requirements: editorial independence and job safety,'' journalists said in a statement.

Over the past few years, journalists at La Tribune have accused their editors several times of lacking independence, allegations they have rejected.

David Bell, Pearson Chairman, met Les Echos journalists on Tuesday and promised to find a system that would guarantee their editorial independence.

Pearson stressed selling Les Echos was only one option under review.

''Bell added that to date no potential buyer had met Pearson's criteria; that is, a good price, guarantee of editorial independence, a guarantee on the group's scope and jobs,'' one staff representative at Les Echos said.

Les Echos has 500 staff, including around 220 journalists.

Due to the strike, the paper will not be published on Wednesday, the Web site will be suspended, and Les Echos journalists will not appear on any TV shows.

Its last strike was in 1988 to protest against French government efforts to prevent the paper being sold to Pearson.

''During 19 years, we have had a model shareholder who has helped us build our credibility and our success,'' Feligonde said.

Unions representing journalists and other staff said they had ''precise and matching information'' that Arnault had entered into exclusive talks with Pearson.

Pearson's sale of Les Echos to LVMH would put into question the privileged relationship between the French paper and the Financial Times, which regularly publish each other's stories.

Pearson shares closed down 2.3 percent at 842 pence.

(Additional reporting by Nathalie Meistermann, Dominique Vidalon in Paris and Mark Potter in London) REUTERS YA ND2356