• Germany's news in English
 

Financial Times Deutschland to fold

The Local · 21 Nov 2012, 14:49

Published: 21 Nov 2012 12:28 GMT+01:00
Updated: 21 Nov 2012 14:49 GMT+01:00

"We are waiting for the decision of our publishers, then we will look to the future," the brief statement said.

The financial daily's editor Steffen Klusmann had already printed an article in the paper on Tuesday saying that the publishers were "considering different options in the face of the losses this newspaper is posting."

The executive board of the paper's publisher Gruner + Jahr was expected to meet in Hamburg on Wednesday afternoon to decide the paper's fate, but insiders are said to be extremely pessimistic about the paper's chances of survival.

"There is not a single person in the newsroom who believes the newspaper will continue," an unnamed journalist who has been at the paper since its launch told news agency Reuters.

The Frankfurter Allgemeine Zeitung also reported that the closure was a done deal, and that G+J's economic magazines Impulse and Börse Online would also be sold.

The FAZ also said the FTD had lost €10 million this year, and that all of G+J's financial titles, which are run from one office, had lost €15 million in total.

The FTD's official daily circulation is 102,000, though a significant proportion of that is reportedly given away in airports and railway stations.

But G+J has refused to comment on the reports, other than to say that no decision had yet been made about the future of the FTD. Wednesday's meeting could well last into the night, and a final decision may not be made until later in the week, the Hamburger Abendblatt reported.

The German journalists union DJV has called on G+J to not concentrate any cutbacks on its journalists.

The FTD was launched in 2000 as an affiliate to the British Financial Times, but ownership passed into the hands of G+J, owned by Bertelsmann media group, in 2008.

In the meantime, the Frankfurter Rundschau newspaper, which filed for bankruptcy last week, could well be saved by a buyer, a spokesman for insolvency administrator Frank Schmitt confirmed on Wednesday.

The spokesman did not name any of the potential buyers, but confirmed that there had been some interest from abroad in the struggling daily.

"From initial talks, we have the feeling that there is serious interest," the spokesman said, though he added that negotiations were still in the very early stages.

The Frankfurter Rundschau, first published at the end of World War II, and its associated printer, reported massive losses in its advertising and printing businesses last week. The owners - the M. DuMont Schauberg and DDVG media groups - said the paper had lost €16 million this year alone.

The paper has continued to appear every day, and the 500 people employed by the paper and its subsidiaries will continue to be paid until January, by when Schmitt must submit his report to the bankruptcy court.

The Local/DAPD/bk

The Local (news@thelocal.de)

Your comments about this article

Today's headlines
Germany's first mosque excavated near Berlin
Excavation of the mosque site outside Berlin. Photo: Freie Universität

Germany's first mosque excavated near Berlin

4 hours ago

Archaeologists have excavated the remains of Germany's oldest mosque on the outskirts of Berlin, a team from the capital city's Free University (FU) announced on Monday.

Kiel scientists: MH370 search in wrong place
The Malaysia Airlines plane which disappeared on March 8th 2014. Photo: Laurent ERRERA / Wikimedia Commons.

Kiel scientists: MH370 search in wrong place

4 hours ago

German scientists have challenged conventional wisdom on the crash site of the MH370, the Malaysia Airlines plane missing since March 2014, suggesting the search is being conducted in the wrong place.

Five reasons to love Germany in autumn
What's not to love about the start of Lebkuchen season? Photo: DPA

Five reasons to love Germany in autumn

5 hours ago

September 1st may be the first day of autumn, but it's not all sad news for those living in Germany. Here are five reasons why we should welcome autumn with open arms.

Opinion
Studying in Germany left me down in the dumps
Students in a lecture theatre at Cologne University. Photo: DPA

Studying in Germany left me down in the dumps

6 hours ago

Finnish student Juuso Nisula moved to Cologne to study business administration, but found a catalogue of failings instead in the model of German educational efficiency he was expecting. He explains just what went wrong - and how to fix it - in an opinion piece republished by The Local.

Teen fined for sharing 13-year-old ex's sexts
Photo:DPA

Teen fined for sharing 13-year-old ex's sexts

7 hours ago

A court in Berlin has ordered a teenager to pay €500 in damages to his 13-year-old ex-girlfriend after sharing intimate pictures of her over WhatsApp, the girl's lawyer has revealed.

Migrant crisis
Munich police swamped with refugee donations
A woman working for Refugee Aid Munich (Flüchtlingshilfe München) hands a soft toy to a refugee child. Photo: DPA

Munich police swamped with refugee donations

14 hours ago

UPDATE: As over 1,000 refugees arrived in Munich from Hungary by train on Tuesday, police in the Bavarian capital said they were "overwhelmed" by the amount of food, water and other supplies donated by local people to those in need.

Löw backs Schweini after shaky United start
Bastian Schweinsteiger. Photo: DPA

Löw backs Schweini after shaky United start

8 hours ago

Germany coach Joachim Löw is backing Bastian Schweinsteiger to brush off his shaky start at Manchester United when he captains his country in Friday's key Euro 2016 qualifier against Poland.

Unemployment level stays at record low
Photo: DPA

Unemployment level stays at record low

9 hours ago

German unemployment remained at historically low levels in August as the recovery in Europe's biggest economy continued on track, data showed on Tuesday.

Bavarian minister uses n-word on live TV
Singer Roberto Blanco (left) and Bavarian interior minister Joachim Herrmann (right). Photo: DPA:

Bavarian minister uses n-word on live TV

11 hours ago

Bavarian interior minister Joachim Herrmann (CDU) has become the target of widespread outrage after calling singer Roberto Blanco a "wonderful negro" on live television - and failing to apologize when challenged on Tuesday morning.

Orang-utan shot after shocking zoo breakout
File photo: DPA

Orang-utan shot after shocking zoo breakout

13 hours ago

Zoo workers in Duisburg shot an orang-utan late on Monday evening after two of the apes escaped from their cage in the westerly city.

RECEIVE OUR NEWSLETTER AND ALERTS

Features
'Berlin is kind of like the best American city'
Features
How Brits in Germany are facing Brexit fears
Sport
German named 'arse bombing' world champ
Travel
Retiree finds parked car after three-week search
National
Ten ways Germany puts Britain to shame
Business & Money
German gadget clamps down on Nutella thieves
Society
Is Germany now a nation of couch potatoes?
National
Half of Germans 'have had sex in their car'
Society
Deadly stew spooks home vegetable gardeners
Politics
The man who brought two Germanies together
Features
Where to get your culture fix in Cologne
Education
Fairytale world of Brothers Grimm brought to life
Rhineland
Thieves leave 1,000 open beers untasted
National
Way to some Germans' hearts is through their wallets
National
Germany's biggest challenge: European refugee crisis
Travel
Where to get your adrenaline pumping in Germany
Technology
Could thieves hack into luxury cars?
What to watch out for when snapping your lunch
National
German lefties through history
National
The fight over prostitution heats up
National
Merkel: migrants, not Greece, are the real challenge
Features
How I explained the Queen to the Germans
Education
Why Germany does 'back-to-school' traditions better
National
Germans are ‘not how foreigners think’
National
A mum and daughter reunite 70 years after WWII
Sport
Bra stops bullet in hunting mishap miracle
National
Cows trample German woman to death in Graubünden Alps
Business & Money
Start-up helps new Berliners short cut bureaucracy
National
The 1,000s of Germans massacred after the Second World War
Sport
Germany star scores own goal with PR gaffe
Features
'Women-only' parking: sensible or sexist?
Politics
Satire and reality blur in parody party's strife
National
13-year-old boy detained for trying to join Isis
Culture
Berlin restaurant serves up Greek Crisis Menu
Rhineland
Doctor on trial after woman wakes in morgue
Society
Six odd things Germans do in the summer
Society
Police bust kinky Bavarian couple over painful love-making
Politics
Merkel brings Palestinian girl to tears
Hamburg
Amateur archaeologist finds Nazi gold hoard
National
Could Merkel learn a lesson in love from this doppelganger?
Travel
Why you should stay in Germany for the summer holidays
Sport
German press tell Schweinsteiger 'good riddance'
National
Hamburg gets a bouncing 100kg baby girl
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

6,937
jobs available
Toytown Germany
Germany's English-speaking crowd