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Publisher shuts Financial Times' German offshoot

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November 23, 2012 07:09 AM EST | AP

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BERLIN — The publisher of the Financial Times' German offshoot says production will be stopped shortly and some 320 employees will lose their jobs.

The Financial Times Deutschland, which has a circulation of about 100,000, was launched at the height of the Internet boom in 2000 but was never profitable.

Hamburg-based publisher Gruner + Jahr said in a statement Friday it sees "no way" to continue publishing the loss-making paper beyond Dec. 7 amid further falling advertisement revenues.

The paper's journalists first reported that the daily is "about to be stopped" after a board meeting Wednesday.

The publisher of the English-language Financial Times, Pearson PLC, sold its stake in the German paper in 2008, but it continued to appear on the same distinctive salmon-colored paper.