Skip to main content

The Journal Gazette

Friday, November 23, 2012 7:09 am

Publisher shuts Financial Times' German offshoot

The Associated Press

The publisher of the Financial Times' German offshoot says production will be stopped shortly and some 320 employees will lose their jobs.

The Financial Times Deutschland, which has a circulation of about 100,000, was launched at the height of the Internet boom in 2000 but was never profitable.

Hamburg-based publisher Gruner + Jahr said in a statement Friday it sees "no way" to continue publishing the loss-making paper beyond Dec. 7 amid further falling advertisement revenues.

The paper's journalists first reported that the daily is "about to be stopped" after a board meeting Wednesday.

The publisher of the English-language Financial Times, Pearson PLC, sold its stake in the German paper in 2008, but it continued to appear on the same distinctive salmon-colored paper.