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
RBI's Raghuram Rajan said that he wanted to hire talented external candidates and improve research quality at the central bank. The proposals would hardly seem out of place in any major institution on the planet. But at RBI, his ideas were seen by some as controversial. Full Article