• Germany's news in English
 
Financial Times Deutschland to fold
Photo: DPA

Financial Times Deutschland to fold

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
Löw aims for Euro 2016 with new-look Germany
Joachim Löw holding the World Cup trophy. File photo: DPA

Löw aims for Euro 2016 with new-look Germany

World Cup winners Germany have suffered something of a hangover since their triumph in Brazil, but coach Joachim Löw is hoping a new-look side can go on to claim more glory at Euro 2016. READ  

T-Mobile to pay $90 mn over US fraud charges
Photo: DPA

T-Mobile to pay $90 mn over US fraud charges

German mobile phone company T-Mobile has agreed to pay at least $90 million to settle US government claims that it bilked customers with bogus charges, US regulators said Friday. READ  

Ethics Council rejects assisted suicide law
Photo: DPA

Ethics Council rejects assisted suicide law

The German Ethics Council said the law should not be changed to permit assisted suicide in a paper published on Friday. READ  

Abandoned themepark needs 14m says Berlin
Swan Lake. An abandoned ride in the Spreewald pleasure park. Photo: DPA

Abandoned themepark needs 14m says Berlin

The iconic ruined themepark in the centre of Berlin - a long-time favourite of hipster adventurers - needs a clean-up costing at least 14 million euros, the Berlin government has revealed. READ  

Police nab Nuremberg station bomb hoaxer
File photo of Nuremberg main station: Shutterstock

Police nab Nuremberg station bomb hoaxer

Officers in Nuremberg arrested a man on Thursday evening after he called in a false bomb threat against the main train station READ  

Opinion
Angela, David...and Nigel
So near...and yet so far Photo: DPA

Angela, David...and Nigel

The rise of UKIP broke up what had been a good 2014 for Cameron and Merkel. READ  

'Dr Death' corpse museum gets go-ahead
Dr Gunther von Hagens. Photo: DPA

'Dr Death' corpse museum gets go-ahead

A Berlin court has said that infamous human taxidermist Gunther von Hagens can open a museum in the capital - over objections from local officials. READ  

Presented by Phorms Education
Phorms bilingual schools boast top-notch tech
Photo: Phorms Education

Phorms bilingual schools boast top-notch tech

As parents fret over children’s internet habits, a network of bilingual schools in Germany shows that putting computers in the classroom from an early age yields positive results. READ  

Networks scramble to patch mobile security
Chancellor Angela Merkel has herself been the victim of phone hacking. Photo: DPA

Networks scramble to patch mobile security

IT experts led by Berlin-based Karsten Nohl said on Thursday they had discovered security flaws in the mobile phone networks that would allow attackers to read users' messages. READ  

Turkish 'spies' arrested at Frankfurt airport
Photo: DPA

Turkish 'spies' arrested at Frankfurt airport

Three men suspected of being Turkish agents have been arrested by police, federal prosecutors said on Thursday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Willy Brandt at his inauguration in 1972. Photo: DPA
National
Willy Brandt: the man, the chancellor... the airport?
Dresden skyline and river by night. Photo: DPA
Politics
What does Dresden have against Muslims?
Sponsored Article
Why are these International Baccalaureate students cheering?
Germany's national football team lifts the World Cup trophy
Gallery
Germany's most-Googled words of 2014
National
Why has The Local got a new logo?
Photo: DPA
National
This German was abducted and tortured by the CIA
Culture
10 top tips for partying in Germany
Sponsored Article
Top ten gifts for an expat Christmas
Photo: DPA
Technology
What does the Chancellor see as the future of the internet?
Photo: DPA
Culture
Stuff your face with these festive German cookies
Photo: DPA
Culture
What do beer, breakfast cereal and dildos have in common?
Culture
The Local's guide to German Christmas markets
Sponsored Article
Top five quirky Christmas jumpers
Photo: DPA
Culture
Get ready for Christmas like a German. We tell you how.
Photo: DPA
Munich
She did what with her dead mother?
Photo: DPA
National
Germany still paying for crisis fall out
Photo: DPA
Culture
Saxon wurst is the worst, Christmas market declares.
Photo: DPA
Politics
Can 'sorry' ever be enough for the Linke?
Sponsored Article
Shop Christmas gifts at Debenhams international store
Photo: DPA
Berlin
The Local's series on 25 years since the fall of the Berlin Wall
Shutterstock
Sponsored Article
Offer: Unlimited airmiles through December 19th
Photo: DPA
Gallery
See how Berlin has changed in 22 photos
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
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

3,228
jobs available
The Local Spain is hiring!
The Local is seeking a new editor for our site in Spain to join our growing team of internationally-minded, driven, ambitious and clued-up journalists.
Details and how to apply
Toytown Germany
Germany's English-speaking crowd