Gruner & Jahr, which is controlled by Bertelsmann, and Pearson together will invest an estimated $90 million in the equal joint venture, to be based in Hamburg.
Andrew Gowers, the FT's former deputy editor, will be editor-in-chief of the new title. Michael Rzesnitzek of Gruner & Jahr will be publishing manager.
Pearson already owns financial newspapers Les Echos in France and Expansion in Spain. The English-language Financial Times sells 22,000 copies a day in Germany. Gruner & Jahr publishes a number of German newspapers, including Berliner Zeitung, Hamburger Morgenpost and the magazine Stern.
Copyright March 1999, Crain Communications Inc.