Following the bankruptcy of its publisher Mediapubli, Spanish daily Público has announced that it will put out its final print edition this Sunday. Although the paper's website público.es will continue to operate, Cadena SER estimates that 130 of Público's 160 staff will lose their jobs.
Mediapubli declared bankruptcy at the beginning of January, and was given around a month to come up with enough funds to make Público economically viable. But although majority shareholder Jaume Roures sought investors in Mexico, Venezuela and Ecuador, the company was unable to come up with the necessary sum of around 9 million euros.
The announcement in Público said that the paper's financial difficulties were due to a worsening advertising crisis, profound changes in the newspaper industry and problems with finding new investors.
According to El Pais, Público has made losses of around 80 million euros, with debts of about 20 million euros, most of which are owed to the paper's suppliers. The left-leaning paper had a print run of 250,000 when it was first published in 2007, but El Pais reports that its circulation is now around 90,000.
Público's staff published a statement in the paper today calling on Mediapubli to "live up to its supposed progressive principles and offer its workers the best possible conditions for their departure". In the statement, staff complained that the company has "not been specific about the conditions under which it will keep its workers, for what period of time and with what intentions".
PR Prensa writes that when Mediapubli declared bankruptcy in January, it still hadn't paid its staff their salaries for December. The publication says it's not clear when the staff will be paid, since they now technically creditors of Mediapubli, and will have to negotiate with the bankruptcy administration. El Pais notes that staff salaries at the paper were reduced last September, and 20%of employees were made redundant.
La Voz de Asturias, which is published by a subsidiary Mediapubli, will continue both in print and on the web, as Mediapubli's bankruptcy administrators have agreed to give it more time to find investors. Cadena SER notes that the paper's financial problems are not as pressing as Público's.