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DW
4 days ago
- Business
- DW
How French billionaires push the far-right agenda – DW – 06/02/2025
A French billionaire is spending millions of euros to boost far-right initiatives. But the case of Pierre-Edouard Sterin is just the tip of the iceberg and prompting calls for stricter rules. On May 20, a hearing of a French billionaire before a parliamentary enquiry committee was intended to lift the lid on what the committee had earlier called an "outright ecosystem of political conquest." The lid, however, had to be kept tigth because Pierre-Edouard Sterin didn't show up in the National Assembly. Originally, French lawmakers wanted to question the billionaire founder of Smartbox — a company that sells experience gifts — on his so-called Pericles project, through which he's so far invested about €30 million ($34.24 million) in initiatives promoting his conservative values. "Yesterday, Mr Sterin told us he wanted to testify via video link for security reasons," the committee's president, Thomas Cazenave, told reporters in Paris, while pointing to an empty chair in a sideroom, where Sterin was supposed to sit. The desk at which Pierre-Edouard Sterin was supposed to sit remained empty Image: Raphael Lafargue/abaca/picture alliance "I replied that we had taken appropriate measures to protect him, just like for lawmakers who regularly receive threats," Cazenave — an MP for the government coalition Ensemble! – stressed, adding that he deplored Sterin's "stalling technique." "It means we won't be able to verify if Pericles respects French campaign rules," Cazenave added. The Pericles project's general director, Arnaud Rerolle, meanwhile, did show up for a hearing a week earlier, saying France's "economic, social and moral situation is in a dire state." "We're an incubator on the right of the political spectrum for meta-political projects. So far, we have financed less than 15% of the 600 applications we received," he told the committee. Controversial billionaire Vincent Bollore was already grilled by French lawmakers several times Image: Thibault Camus/AP Photo/picture allianceASSOCIATED PRESS Among the initiatives supported by Pericles are far-right magazine L'Incorrect and the so-called Observatory for Decolonization, which, for example, denounces what it calls "woke obscurantism" — a catch-all term used to decry left-wing ideologies, often centered on the identity politics of minoritis and informed by academic movement. However, Sterin is not the only billionaire trying to steer French political opinion towards the far right, notably Marine Le Pen's far-right National Rally (RN). Interference is 'problem for democracy' Rerolle refused to unveil the names of all the supported projects — less than a third of which are known. But he said Pericles didn't finance political candidates, which is legally allowed only for political parties under French campaign financing laws. Pierre-Yves Cadalen, an MP for the far-left party France Unbowed (LFI) and the committee's vice president, calls Rerolle's statement "wishy-washy." "Daily newspaper L'Humanite published an internal document according to which Pericles aims to help the far right National Rally (RN) win 300 cities in the 2026 municipal elections," Cadalen told DW. During his hearing, Rerolle had confirmed the document was genuine, but called it "outdated." According to Rerolle, €150 million will be spent over a decade to fight against islamism, immigration and gender ideology and work towards a victory at the 2027 presidential and parliamentary elections. RN President Jordan Bardella and RN presidential candidate Marine Le Pen are being qualified as "people of trust." Far-right leaders Le Pen (left) and Bardella are trusted politicians Image: Thomas Padilla/AP/picture alliance/dpa "It's a problem for democracy when billionaires interfere this much with political life," Cadalen said, adding that he wasn't only talking about Sterin. In France, 80% of the daily news outlets are owned by eleven billionaires, with their TV and radio stations reaching more than half of the country's audience. Cadalen thinks that especially Vincent Bollore — the majority shareholder of logistics and communication group Bollore — is wielding "huge influence through his media conglomerate, which includes TV channel CNews, radio station Europe 1, the weekly JDD, plus polling institute CSA. "Together, they have huge firepower and spread far-right narratives that are then picked up by other media," said Cadalen. Abel Francois, professor for political economy at Strasbourg University, says that influence by wealth individuaks is "relatively new' to French politics. "Billionaires used to buy up media to influence politicians, for example, to be chosen in public tenders. Today, it's about boosting a certain ideology," Francois told DW. In public interviews, Bollore has maintained he has no influence on the content of his media. DW's requests for interviews with both Bollore and the Pericles project have remained unanswered. Journalists, researchers and the culture sector 'going quiet' Meanwhile, France's concentration of media ownership has far-reaching consequences, says Amaury de Rochegonde, economic journalist at weekly magazine Strategies and radio station RFI. Journalists "self-censor" when it comes to reporting about those billionaires because no-one wants to get "on the wrong side of a potential future employer." What's more, the billionaires are teaming up, Rochegonde told DW. "Bollore and Sterin are known to have met. Both are pushing for a union of the right, meaning an alliance between the conservative Republicans' right wing and the RN", he said. Trump and Musk: is a coup happening in the US? To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Alexis Levrier, for example, a media historian at northern Reims University, has experienced what it means to rattle the Bollore cage. "I received thousands of messages with insults and even death threats, including from an arms dealer," Levrier told DW in one of his first interviews on the issue since late February. Back then, he had told daily newspaper L'Opinion that he supported a decision by the French media watchdog to revoke the license for C8, one of Bollore's TV stations. The withdrawal came after C8 was found to ignore dozens of formal reprimands, among others for sexism and homophobia. Levrier believes that another of Bollore's media outlets, CNews, should receive a similar sanction for unleashing the hate campaign against him. "Many fellow researchers don't dare to speak up against the Bollore empire any more. The cultural sector has also gone quiet, although artists used to be staunch advocates of humanist values," said Levrier. French lawmakers seek countermeasures And yet, Bollore and Sterin are exceptions among entrepreneurs, says Herve Joly, a historian at national research institute CNRS, because hardly any business leader was openly supporting the RN. "In the past, employers haven't endorsed the far right before it came to power. They tend to back established, conservative parties. Nowadays, entrepreneurs even promote progressive values, such as gender equality and the fight against climate change," he told DW. At the same time, he warns that this could change if the far right rose to power. "In Germany, company bosses cooperated with Hitler after he had taken over and even consolidated his power." Thomas Cazenave is one of those French MP's in support of tightening campaign financing rules Image: Raphael Lafargue/abaca/picture alliance LFI lawmaker Pierre-Yves Cadalen wants to prevent that with "new regulations against market concentration" in French media. "Reactionary forces are using these platforms to push for dismantling our rule-of-law just like in the US," he said, noting that US President Donald Trump has long been ignoring court rulings against him, with far-right media outlets such as FoxNews "cheering him on.' But Ensemble! MP Eleonore Caroit, also a member of the investigative committee, doesn't think that new laws are needed. "We can fight against projects like Pericles by laying them bare," she told DW. "I'm sure that's why Sterin didn't show up for the hearing." The French billionaire now risks two years in prison and a fine of up to €7,500. Edited by: Uwe Hessler
Bloomberg
29-04-2025
- Business
- Bloomberg
Billionaire Aspires to Sainthood and Right-Wing Future for France
Billionaire Pierre-Edouard Sterin has a clear-eyed view of his life goals ahead: turbocharge his fortune, give it all away and remodel France's political landscape. Then, to cap it all, achieve sainthood in death. The 51-year-old French tax exile is betting on ambitious growth at his private equity-driven investment firm Otium Capital to propel him toward his three secular goals. While funneling cash into philanthropic ventures from education to culture, he's also courted controversy at home with a deeply conservative project aimed at boosting French right-wing parties.
