Denmark: Free daily Nyhedsavisen shuts down
Posted by Alisa Zykova on September 1, 2008 at 11:15 AM
Danish free daily newspaper Nyhedsavisen announces it is shut down as of today due to lack of advertising and declining economy, reports Newspaper Innovation.
The paper published editions for Copenhagen and Aarhus, as well as a Saturday one and was reportedly the "best-read" paper in Denmark.
Two years ago, 11 free dailies with 25 editions were available in Denmark. Today, however, the figure dropped to three papers and 10 editions. Circulation for free dailies plummeted from nearly 2 million to around 900,000 since 2006.
Dagsbrunn, an Icelandic firm, launched Nyhedsavisen in 2006. This year, it was acquired by Morton Lund, a Danish entrepreneur, and also invested in by Draper Fisher Jurvetson.
Source: Newspaper Innovation through IFRA Executive News Service
The paper published editions for Copenhagen and Aarhus, as well as a Saturday one and was reportedly the "best-read" paper in Denmark.
Two years ago, 11 free dailies with 25 editions were available in Denmark. Today, however, the figure dropped to three papers and 10 editions. Circulation for free dailies plummeted from nearly 2 million to around 900,000 since 2006.
Dagsbrunn, an Icelandic firm, launched Nyhedsavisen in 2006. This year, it was acquired by Morton Lund, a Danish entrepreneur, and also invested in by Draper Fisher Jurvetson.
Source: Newspaper Innovation through IFRA Executive News Service
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DFJ didn't invest in the end, because the paper is mis-managed and carries mega debt. 6 million USD is lost every month, Nyhedsavisen lost estimated 100 million USD accumulated with Morten Lund at the helm saying "we only need to double the amount of papers and increase ad sales with 50%".
The employees pays the price: four days ago a bid was offered by Morten Lund to buy a competitor in a 300 million DKK transaction. Four days later, Nyhedsavisen is bankrupt with Morten Lund at the helm -- and the employees have not received salary for August.