Stay on Top of Enterprise Technology Trends
Get updates impacting your industry from our GigaOm Research Community
Four years after it was divorced from the Financial Times, FT Deutschland will close in December, leaving 258 staff affected after its publisher failed to find a buyer.
Publisher Gruner + Jahr’s CEO Julia Jäkel says (via announcement): “Newspapers are under pressure, especially in the economic sector. With these losses … we see no way to operate FT Deutschland further.”
FTD was half-owned by Pearson’s Financial Times Group until 2008, then it was passed entirely to Gruner + Jahr.
Its closure is apparently having an impact wider than just FTD…
Germany’s BILD.de, FAZ.net and Spiegel.de all open their homepages with the closure of FTD.
— Wolfgang Blau (@wblau) November 23, 2012
Wall Street Journal has published in German online for nearly a year now. But the title which gave FTD its name does not seem ready to take up the opportunity — a spokesperson for Pearson’s Financial Times in London tells paidContent: “FT.com doesn’t publish in German and has no future plans to do so.”
Spiegel reports Gruner + Jahr had no success in integrating FTD with its business magazines. Although circulation has been steady this year, it has fallen hard in the last decade and has clocked up €250 million in losses over the period, Spiegel says.
Now the sister magazines Exchange Online and Impulse are up for sale, though counterpart Capital is being retained and repositioned.
Gruner + Jahr says it tried in vain to find a buyer for FTD and had considered its continuation online-only, but: “After extensive testing, it was seen to have no chance of success.”