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Luxembourg: 352 and Business Review publisher NMG goes bankrupt


Luxembourg: 352 and Business Review publisher NMG goes bankrupt

Pol Wirtz confirmed this yesterday afternoon on 352.lu:

NMG [New Media Group] had been in intensive talks with larger publishing firms and preparing for a take-over in January, 2009 when it was declared insolvent on December 22nd 2008 and had to stop publishing. I will be meeting with the Curateur on Thursday and would consider it wrong to say anything else at this time. I will report about the progress soon in a blog which will be reachable from this website [352.lu].

In an article from November 20 he had already indicated that NMG was strapped for cash. I also found a PDF file (created on September 30, 2008) with interesting information on government subsidies (which are not available for publications in English) and the failed cooperation with New Media Lux.

AFAIK, the only remaining source for local news in English is station.lu. Warning: If you're easily offended by really bad web design, you might want to learn German or French and read a government-subsidized newspaper instead of visiting their site.

Though I have some doubts (never having had "any profit related goals" won't necessarily make things easier) I hope NMG manage to find a solution which will enable them to continue publishing in some form. Please, don't make me read the chamber of commerce's publication for business related news. It feels like work.

Update March 16, 2009: Business Review and 352 magazine are now back in print after being bought from the the administrator (curateur) by New Media Lux SA. The new website for 352 magazine is 352news.lu. Meanwhile, on 352.lu "friends of 352 with Pol Wirtz, the publication’s founder" are promising to return with a new "well-planned publication".

Note: I only added these pieces of information because a lot of readers arrive at this post through search engines. I'm not involved with any of the projects mentioned here and if there's an "inside story", I don't know it.

Update June 25, 2011: 352 Lux Mag to cease print edition

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