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Financial Times Deutschland likely to be shuttered - report

Source : REUTERS
Last Updated: Sat, Nov 17, 2012 17:20 hrs
An edition of the Financial Times Deutschland (Germany) is seen at a shop in Frankfurt

FRANKFURT (Reuters) - German publisher Gruner + Jahr (G+J) is likely to decide to stop publishing Financial Times Deutschland (FTD), a German magazine reported, as the daily business newspaper has not managed to break even since its debut in 2000.

A decision to shutter FTD along with two other publications that draw on FTD editorial staff is expected at a meeting of the Gruner + Jahr's supervisory board next Wednesday, weekly Focus reported, citing company sources.

About 330 staff would lose their jobs, the magazine said.

A Gruner + Jahr spokesman described the report as "speculation." He said the publisher was currently considering several options for its business publications but added: "There is no decision."

FTD started as a joint-venture of Financial Times publisher Pearson and Gruner + Jahr, which is controlled by unlisted media giant Bertelsmann, but Pearson sold its 50 percent stake to its German partner in 2008.

A person familiar with the matter told Reuters that a proposal to fold the FTD would be discussed at Wednesday's board meeting. (Reporting by Peter Maushagen; Writing by Ludwig Burger. Editing by Jane Merriman)



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