German newspaper Frankfurter Rundschau declared bankruptcy Tuesday, Spiegel Online reports:
The insolvency of the loss-making daily Frankfurter Rundschau puts some 500 jobs in jeopardy, but according to a statement released by ownership, “massive revenue losses in the advertising and print business” left no option but to declare bankruptcy.
The newspaper—which is partly owned by the major German publishing house DuMont Schauberg and by the Social Democratic Party—has long been making losses and rumors of an approaching bankruptcy had been making the rounds in recent months. A note posted on the paper’s website insists, however, that the paper will carry on despite the insolvency. German commentators say the paper’s undoing was partly the result of negative trends facing newspapers around the world and partly the result of shoddy management.
Clearly it isn’t just the American print media establishment that is crumbling. Frankfurter Rundschau succumbed to the same threats bedeviling American newspapers: declining ad revenue, dwindling subscription rates, reluctance to shift toward online content, and low popularity among young readers. Expect the casualties to continue elsewhere in Europe and throughout the globe as legacy media struggle to adapt.