The Financial Times Group and Gruner + Jahr, one of Germany's leading newspaper and magazine publishers, have today formed a joint venture to produce a German language business newspaper.
Although neither the title nor the launch date is being announced at this stage, journalists and other staff are now being recruited in Germany. The newspaper will be printed on pink paper and the Financial Times brand will feature prominently. It will carry some content from the Financial Times, but will be written, designed and published specifically for the German market. A web-site will also be launched, which will be integrated with the newspaper as well as with FT.com. Andrew Gowers, former deputy editor of the Financial Times, will be the editor of the new title.
Stephen Hill, Chief Executive of the Financial Times Group, and first Chairman of this new venture, said, "This is a great opportunity for us to strengthen our position as Europe's leading business publisher at a time of rapid economic and structural change. Germany represents a huge opportunity for the kind of insightful, analytical journalism that the FT represents. The success of Les Echos in France and Expansion in Spain encourages us to believe that we can build a profitable and successful German language business newspaper in what is the world's third largest economy. We are delighted to have a partner as helpful, dynamic and enthusiastic as G+J."
Bernd Kundrun, Board member of G+J, said "Demand for business information is growing very rapidly in Germany. This venture represents a unique opportunity for G+J to profit from this growth in co-operation with the world's best business newspaper. G+J and the Financial Times Group are united by a commitment to quality products and by the desire to conquer new markets through innovation. Our new newspaper will establish a strong position in the German market with exclusive news, trenchant analysis and comment and the FT's international perspective."
Gruner + Jahr is one of Germany's leading newspaper and magazine publishers. Its daily German newspapers include Hamburg Morgenpost, Berliner Zeitung, the Berliner Kurier and the Sachsische Zeitung. It also publishes about 40 magazines in Germany, including the weekly Stern magazine, the business magazines Capital and Impulse as well as the GEO-magazine. Bertelsmann AG, one of the world's top media groups, own a 74.9 percent stake in Gruner + Jahr, with the remaining 25.1 percent held by the Jahr family of Hamburg.
Outside Germany, Gruner + Jahr publishes about 40 magazines in France, the U.S., the United Kingdom, Spain, Italy, Poland, Russia, China and Austria. The two main companies outside Germany are Prisma Presse in Paris, now the second-largest magazine publisher in France, and Gruner + Jahr USA Publishing Company in New York City.
The Financial Times Group, part of Pearson plc, the international media group, publishes the world's leading international business newspaper. In the last year, daily worldwide circulation of the Financial Times has increased by 15.5% to 384,679 (ABC Jan 98 vs Jan 99), with non-UK sales rising by 37% to 210,022.
Groupe Les Echos, France's leading business newspaper and magazine publisher; and Recoletos, one of Spain's leading media companies, which publishes Expansion, the leading Spanish business and financial newspaper; are part of the Pearson group.
The Financial Times group also consists of:
The Financial Times Asset Management business, through its Interactive Data, EXSHARE and Information Express operations is a leading global provider of end of day pricing and valuation of securities to the fund management industry, reporting on 3.5 million securities.
FT.com provides its corporate audiences, with the very best general news and analysis and specialist company and market information and financial data. It generates more advertisement revenue than any other UK site and has over 1.5 million registered users worldwide, with the majority outside the UK.
Financial Times Business produces specialist information on particular industries - energy, media and telecommunications and finance - where the group has a market leading position. It publishes the UK's premier personal finance magazine, Investors Chronicle, and the Banker, Money Management and Financial Adviser for professional advisers. Its energy business operates under the brand Research Data International, based in the USA.
FTSE International, a joint venture with the London stock exchange, provides the professional investment community with the leading UK indices and, together with the Amsterdam Stock Exchange, publishes the Eurotop family of indices.
AFX News, a news agency jointly owned by the FT Group and Agence France-Presse, is a global provider of real time financial and business news.
Pearson also owns 50% stakes in Business Day and Financial Mail, South Africa's leading business publisher; and The Economist Group, publisher of the world's leading weekly business and current affairs journal. The Economist Group also publishes the Journal of Commerce, CFO and operates the Economist Intelligence Unit.
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