German media concern takes over “Financial Times Deutschland"
German media concern Gruner and Jahr announces that it has taken full control of the “Financial Times Deutschland” (FTD) newspaper from co-owner Pearson, publisher of the London-based “Financial Times”.
30th January 2008
Hamburg (dpa) - Gruner and Jahr (G+J) did not disclose how much it paid for the 50-per-cent stake owned by Pearson, but industry sources put the figure at around 15 million euros (22 million dollars), including licensing fees.
A statement said the two partners, which operated the salmon-coloured daily in a joint venture, had reached a long-term agreement covering use of the “Financial Times” name and editorial cooperation with the former parent newspaper in London.
"Today is a good day for G+J Deutschland and the business media. The takeover is a major opportunity to generate impulses for the other economic publications in our stable," G+J board member Bernd Buchholz told Deutsche Presse-Agentur (dpa).
The FTD entered the German market in a format similar to its British namesake in 2000 and has seen circulation rise to 104,500 but has failed to break even. Turnover in 2007 was around 60 million euros.
A bid to sell the paper to Hamburg-based published Spiegel Verlag failed to materialize last year.
Gruner and Jahr holds a 25.5 per cent stake in Spiegel Verlag, which puts out the German Weekly news magazine “Der Spiegel”. Media concern Bertelsmann owns 75 per cent of Gruner and Jahr.