The owners also want to convert the multi-million-euro building currently rented by the newsroom in central Paris into an all-day cultural centre featuring a cafe, TV studio and business area to help start-ups.
Outraged Liberation journalists vented their opposition to the plan on the cover of the weekend edition, which had the front page headline: "We are a newspaper, not a restaurant, not a social network, not a cultural space, not a TV studio, not a bar, not a start-up incubator."
Started by French philosopher Jean-Paul Sartre in 1973 as a left wing title, Liberation has been a mainstay on newsstands -- especially in left-leaning Paris -- with its emphasis on photos and sometimes militant stances.
But it has long trailed the more prestigious Le Monde and Le Figaro dailies, and, with a circulation of just 100,000, it has been a loss-making enterprise for shareholders.
In 2013, Liberation lost more than a million euros (USD 1.3 million) as sales plummeted 15 percent -- the biggest slide among French newspapers.
The three main owners of Liberation, businessman Edouard de Rothschild (of the famed banking family), real estate developer Bruno Ledoux, and the Italian wealth management group Ersel, say they hope their "innovative" plan will turn around its fortunes.