Pearson, G&J confirm plan to launch German paper

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HAMBURG--Following months of speculation, Gruner & Jahr here and Pearson, publisher of the Financial Times, detailed on March 1 their plans to launch a German-language newspaper. The newspaper will be printed on pink paper and the name Financial Times will be part of its title. The new newspaper, with an online version, will compete with Handelsblatt.

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.

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