Financial problems for Point24 publisher

point242010Luxembourg based (gossip) newssite LuxPrivat reported on possible financial problems of Luxembourg publisher Saint Paul, owner of paid daily Luxembourger Wort and free daily Point24.

Since mid-2009 159 staff members had been laid off, while another 29 will have to go soon. Also some real estate has been sold.

Main loss-making operations are free daily Point24 and radio station DNR.

Subsidies from the Catholic church (there are close ties between the diocese and the publisher) and the state (every newspaper receives something like 1 million state subsidies in Luxembourg) keep the company afloat according to LuxPrivat.

In the beginning of this month Point24 launched a separate German edition; it launched as a French language paper but introduced some German pages later. The website of the paper, however, is currently off-line (re-directs to Luxemburger Wort).

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