FT Deutschland to close next month
The FT Deutschland business newspaper in Germany is slated to close on Dec. 7, Reuters reports.
Reuters writes, “The paper, published in the salmon pink color of its British namesake, is pulling the plug after accumulating what German media said were 250 million euros ($322.1 million) in losses since 2000.
“The FTD, which has faced tough competition from a plethora of established national newspapers since its launch in 2000, has a circulation of about 100,000 but never made a profit.
“Some 330 employees will lose their jobs, sources familiar with the publisher’s decisions said.
“The FTD was seen as a breath of fresh air in Germany with a modern design, international perspective and audacious journalism style.
“It was alone, for instance, in criticizing a long-standing German practice of allowing interviewees to ‘authorize’ – or check – interview transcripts.
“Industry analysts have been predicting the FTD’s demise for years due to its lack of profitability. Losses in the last year were some 10 million euros, German media reports said.”
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