FRANKFURT 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 (PSON.L) 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)
Trending On Reuters
Greece Debt Crisis
Greece's outspoken finance minister resigned on Monday, removing a major obstacle to any last-minute deal to keep Athens in the euro zone after Greeks voted resoundingly to reject the austerity terms of a bailout. Read | Opinion: Greece will struggle to stay in euro