Free weekly Tiempo Uruguayo (TU) in Uruguay recently closed down, according to Newspaper Innovation.

TU, launched in December 2005, last year had switched to a biweekly schedule and planned to go daily later.

However, due to weakening advertising revenues, the owners decided to shut down the title after two-year losses.

According to Newspaper Innovation, five employees of the paper will be cut.

The 20-page afternoon paper was distributed in universities, bus terminals, shopping centers, ports and airports across the country, Newspaper Innovation reported.